Weekend Reading

Ashby Monk

I’ve got a couple of papers for you this weekend:

First, Stefano Curto of the World Bank got his crystal ball out recently and wrote this paper: “Sovereign Wealth Funds in the Next Decade”. It’s an interesting treatment with some fun predictions:

“At least US$2.7 trillion to US$5.0 trillion of total assets theoretically could be invested in developing countries by 2017 (equally split between equities and bonds). If one excludes the regions where these funds originate (that is, Asia and the Middle East), these assets could represent 8 to 16 percent of the combined gross domestic product (GDP) in developing countries in Latin America, Africa, and Eastern Europe; 1 to 2 percent of their market capitalization of traded companies; and 10 to 19 percent of the total debt securities in these regions.”

Second, Philip Winder, CIO of Polygon Investment Management, has a new paper entitled “Sovereign Wealth Funds: Challenges and Opportunities. It’s actually a useful primer on SWFs with some (surprisingly) fresh perspectives on the topic (given that I’ve probably read 50+ primers on SWFs). And, as far as I’m concerned, anybody who manages to paraphrase Dickens in an article on SWFs deserves a mention here. Well played, Mr. Winder. And yet, if I were to use Dickens to conceptualize SWFs, I’d have to go with… ‘SWFs are but virtues carried to excess.’

Enjoy your weekend!

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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