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* * * * * * * * * * * Truman, IIE THE FUTURE ROLE OF SOVEREIGN WEALTH FUNDS SOVEREIGN WEALTH FOCUS Edinburgh Dialogue June 15, 2010 Edwin M. Truman Senior Fellow INTRODUCTION Sovereign Wealth Funds and the International Financial System 2. Updated SWF Scoreboard 3. The Santiago Principles 4. Conclusions: The Role of SWFs * SOVEREIGN WEALTH FUNDS and the INTERNATIONAL FINANCIAL SYSTEM * SWFs and the IFS (1) SWFs are pools of government-owned or government-controlled assets – often including international assets Five years ago, no one knew what a SWF was – the descriptive term had just been coined SWFs are diverse in their origins, objectives, and investment strategies * SWFs and the IFS (2) Because of their diversity, it is inappropriate to generalize in great detail about the role of SWFs They are governmental vehicles They are part of the saving and investment process, transferring wealth from year to year or generation to generation Their financial results are most important to their home countries They should be responsible investors * SWFs and the IFS (3) Two Tensions 1. Dramatic redistribution of international wealth 2. Much of the new wealth is controlled by governments Five Concerns 1. Mismanagement of investments and corruption 2. Pursuit of non-economic or economic-power objectives 3. Financial protectionism 4. Financial market instability 5. Conflicts of interest * SWFs and the IFS (4) These tensions and concerns are shared by many other government investment vehicles: government-owned or government-controlled financial or non-financial institutions, pension funds, and foreign exchange reserves Including pension funds, SWFs are small with somewhat more than $6 trillion in total assets and $4 trillion in international assets But they quadrupled in size from 2002 to 2007, before setbacks in 2008-09, and they are back in the news * SWFs and the IFS (5) Since 2007, SWFs have matured under the glare of international attention The rules of t