Monday, October 22, 2007

G7 meeting 'to discuss wealth fund transparency'

from Gulf Daily News

"I expect the G7 to discuss how those sovereign funds are different from private funds in terms of transparency to the market," Japan's Finance Minister Fukushiro Nukaga said. "It is hard to know what they really do, so I think there will be various opinions about them (at the G7)." Sovereign wealth funds are expected to be discussed in detail during an G7 "outreach" dinner session on Friday, which invites senior officials from China, South Korea, Kuwait, Norway, Russia, Saudi Arabia, Singapore and the UAE - countries that operate those funds. According to an estimate by the International Monetary Fund (IMF), SWFs control between $1.9 trillion and $2.9 trillion in global wealth, outstripping hedge funds. Morgan Stanley estimates their assets could rise to $12 trillion by 2015, roughly the size of the US economy.

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