Sovereign wealth fund

A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank.

Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Such investment management entities may be set up as official investment companies, state pension funds, or sovereign funds, among others.

There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion.

History

The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal.[1] The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.

Some of them have grabbed attention making bad investments in several Wall Street financial firms such as Citigroup, Morgan Stanley, and Merrill Lynch. These firms needed a cash infusion due to losses resulting from mismanagement and the subprime mortgage crisis.

SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds. Many sovereign funds are directly investing in institutional real estate. According to the Sovereign Wealth Fund Institute's transaction database around US$9.26 billion in direct sovereign wealth fund transactions were recorded in institutional real estate for the last half of 2012.[2] In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 billion according to the SWFI.[3]

Early SWFs

Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-federal U.S. state funds established in the mid-19th century to fund specific public services.[4] The U.S. state of Texas was thus the first to establish such a scheme, to fund public education. The Permanent School Fund (PSF) was created in 1854 to benefit primary and secondary schools, with the Permanent University Fund (PUF) following in 1876 to benefit universities. The PUF was endowed with public lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the Republic of Texas and the United States. While the PSF was first funded by an appropriation from the state legislature, it also received public lands at the same time that the PUF was created. The first SWF established for a sovereign state is the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. According to many estimates, Kuwait's fund is now worth approximately US$600 billion.

Another early registered SWFs is the Revenue Equalization Reserve Fund of Kiribati. Created in 1956, when the British administration of the Gilbert Islands in Micronesia put a levy on the export of phosphates used in fertilizer, the fund has since then grown to $520 million.[5]

Nature and purpose

$1 billion Sovereign Wealth Fund initial investment
15% compounding interest annually
Dividend payments of 1.5% on initial $1B investment
$26.7 billion in total dividend payments over 40 years.
Dividends were not reinvested and can be used as revenue for the government.

SWFs are typically created when governments have budgetary surpluses and have little or no international debt. It is not always possible or desirable to hold this excess liquidity as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

There are two types of funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations. One such fund is the Government Pension Fund of Norway. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in Hugo Chávez's Venezuela or Shah-era Iran. In such circumstances, saving the money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economic, or strategic, such as war chests for uncertain times. For example, the Kuwait Investment Authority during the Gulf War managed excess reserves above the level needed for currency reserves (although many central banks do that now). The Government of Singapore Investment Corporation and Temasek Holdings are partially the expression of a desire to bolster Singapore's standing as an international financial centre. The Korea Investment Corporation has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like Xiaomi and renewable energy companies like Bloom Energy.[6]

According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.[7]

Concerns about SWFs

The growth of sovereign wealth funds is attracting close attention because:

  • As this asset pool continues to expand in size and importance, so does its potential impact on various asset markets.
  • Some countries, like the United States, which passed the Foreign Investment and National Security Act of 2007, worry that foreign investment by SWFs raises national security concerns because the purpose of the investment might be to secure control of strategically important industries for political rather than financial gain.
  • Former U.S. Secretary of the Treasury Lawrence Summers has argued that the U.S. could potentially lose control of assets to wealthier foreign funds whose emergence "shake[s] [the] capitalist logic".[4] These concerns have led the European Union (EU) to reconsider whether to allow its members to use "golden shares" to block certain foreign acquisitions.[8] This strategy has largely been excluded as a viable option by the EU, for fear it would give rise to a resurgence in international protectionism. In the United States, these concerns are addressed by the Exon–Florio Amendment to the Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100-418, § 5021, 102 Stat. 1107, 1426 (codified as amended at 50 U.S.C. app. § 2170 (2000)), as administered by the Committee on Foreign Investment in the United States (CFIUS).
  • Their inadequate transparency is a concern for investors and regulators: for example, size and source of funds, investment goals, internal checks and balances, disclosure of relationships, and holdings in private equity funds.
  • SWFs are not nearly as homogeneous as central banks or public pension funds.
  • A lack of transparency and hence an increase in risk to the financial system, perhaps becoming the "new hedge funds".[9]

The governments of SWF's commit to follow certain rules:

  • Accumulation rule (what portion of revenue can be spent/saved)
  • Withdraw rule (when the Government can withdraw from the fund)
  • Investment (where revenue can be invested in foreign or domestic assets)[10]

Governmental interest in 2008

  • On 5 March 2008, a joint sub-committee of the U.S. House Financial Services Committee held a hearing to discuss the role of "Foreign Government Investment in the U.S. Economy and Financial Sector". The hearing was attended by representatives of the U.S. Department of Treasury, the U.S. Securities and Exchange Commission, the Federal Reserve Board, Norway's Ministry of Finance, Singapore's Temasek Holdings, and the Canada Pension Plan Investment Board.
  • On 20 August 2008, Germany approved a law that requires parliamentary approval for foreign investments that endanger national interests. Specifically, it affects acquisitions of more than 25% of a German company's voting shares by non-European investors—but the economics minister Michael Glos has pledged that investment reviews would be "extremely rare". The legislation is loosely modeled on a similar one by the U.S. Committee on Foreign Investments. Sovereign wealth funds are also increasing their spending. In fact, the Qatar wealth fund plans to spend $35 billion in the US in the next five years.[timeframe?][11][12]

Santiago Principles

A number of transparency indices sprang up before the Santiago Principles, some more stringent than others.[citation needed] To address these concerns, some of the world's main SWFs came together in a summit in Santiago, Chile, on 2–3 September 2008. Under the leadership of the IMF, they formed a temporary International Working Group of Sovereign Wealth Funds. This working group then drafted the 24 Santiago Principles, to set out a common global set of international standards regarding transparency, independence, and accountability in the way that SWFs operate.[13][14] These were published after being presented to the IMF International Monetary Financial Committee on 11 October 2008.[14] They also considered a standing committee to represent them, and so a new organisation, the International Forum of Sovereign Wealth Funds (IFSWF) was set up to maintain the new standards going forward and represent them in international policy debates.[15]

As of 2016, 30 funds[16] have formally signed up to the Principles, representing collectively 80% of the assets managed by sovereign funds globally or US$5.5 trillion.[17]

Size of SWFs

Assets under management of SWFs amounted to $7.94 trillion as at 24 December 2020.[18]

Countries with SWFs funded by oil and gas exports, totaled $5.4 trillion as of 2020.[19] Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from Government budget surpluses and privatization revenues. Middle Eastern and Asian countries account for 77% of all SWFs.

Largest sovereign wealth funds

Country or Region Abbreviation Fund Assets[20]
billions US$
Inception Origin
France France CDC Caisse des dépôts et consignations 1,551[21] 1816 Non-commodity
Norway Norway GPF-G Government Pension Fund 1,222.4[22] 1990 Oil & Gas
China China CIC China Investment Corporation 1,222.3[23] 2007 Non-commodity
China China SAFE SAFE Investment Company 743 1997 Non-commodity
United Arab Emirates United Arab Emirates ADIA Abu Dhabi Investment Authority 708.750[24] 1967 Oil & Gas
Kuwait Kuwait KIA Kuwait Investment Authority 708.42[25] 1953 Oil & Gas
Hong Kong Hong Kong HKMA Exchange Fund (Hong Kong) 585.73[26] 1935[26] Non-commodity
Saudi Arabia Saudi Arabia PIF Public Investment Fund 580[23] 1971 Oil & Gas
Singapore Singapore GIC GIC Private Limited 578[23] 1981 Non-commodity
Singapore Singapore TH Temasek Holdings 484.4[27] 1974 Non-commodity
Qatar Qatar QIA Qatar Investment Authority 450[28] 2005 Oil & Gas
Canada Canada CDPQ Caisse de dépôt et placement du Québec 335[29] 1965 Non-commodity
United Arab Emirates United Arab Emirates ICD Investment Corporation of Dubai 301.68[23] 2006 Oil & Gas
Turkey Turkey TWF Turkey Wealth Fund 294.09 2017 Non-commodity
United Arab Emirates United Arab Emirates MIC Mubadala Investment Company 243 1984 Oil & Gas
South Korea South Korea KIC Korea Investment Corporation 201[30] 2005 Non-commodity
Russia Russia NWF Russian National Wealth Fund 182.59[31] 2008 Oil & Gas
Australia Australia FF Future Fund[32] 147.71[33] 2006 Non-commodity
Kuwait Kuwait PIFSS Public Institution For Social Security Fund[34][35] 133.7 1955 Non-commodity
France France BPI Bpifrance 119[36] 2008 Non-commodity
United States United States APFC Alaska Permanent Fund[37] 83.85 1976 Oil & Gas
United Arab Emirates United Arab Emirates ADQ Abu Dhabi Developmental Holding Company 79 2018 Non-commodity
United Arab Emirates United Arab Emirates EIA Emirates Investment Authority 78 2007 Oil & Gas
Brunei Brunei BIA Brunei Investment Agency 71.60 1983 Oil & Gas
United States United States UTIMCO Texas Permanent University Fund 69.21 [38] 1876 Land & Mineral Royalties
Kazakhstan Kazakhstan SK Samruk-Kazyna 68.38[39] 2008 Oil & Gas
Libya Libya LIA Libyan Investment Authority 67 2006 Oil & Gas
Kazakhstan Kazakhstan NF Kazakhstan National Fund 55.32 2012 Oil & Gas
Azerbaijan Azerbaijan SOFAZ State Oil Fund of the Republic of Azerbaijan[40] 43 1999 Oil & Gas
Russia Russia RDIF Russian Direct Investment Fund 40 2011 Non-commodity
Austria Austria ÖBAG Österreichische Beteiligungs AG 38.4[41] 1967 Non-commodity
Malaysia Malaysia KN Khazanah Nasional 30.4[42] 1993 Non-commodity
New Zealand New Zealand NZSF New Zealand Superannuation Fund 27 2003 Non-commodity
United States United States NMSIC New Mexico State Investment Council[43] 26 1958 Oil & Gas
Germany Germany NWDF Nuclear Waste Disposal Fund 24 2017 Non-commodity
Iran Iran NDFI National Development Fund 24[44] 2011 Oil & Gas
United States United States PWMTF Permanent Wyoming Mineral Trust Fund 23 1974 Minerals
Norway Norway GPF-N Government Pension Fund – Norway 22 2006 Oil & Gas
Papua New Guinea Papua New Guinea PNGSWF Papua New Guinea Sovereign Wealth Fund 22 2011 Oil & Gas
Bahrain Bahrain BMHC Mumtalakat Holding Company 19 2006 Oil & Gas
United States United States WVFF West Virginia Future Fund 19 1997 Oil & Gas
Canada Canada AHSTF Alberta Heritage Savings Trust Fund[45] 18.9 1976 Oil & Gas
East Timor Timor Leste TLPF Timor-Leste Petroleum Fund 18 2005 Oil & Gas
Oman Oman OIA Oman Investment Fund 17 1980 Oil & Gas
Colombia Colombia FAEP Fondo de Ahorro y Estabilización Petrolera 12 1995 Oil & Gas
Republic of Ireland Ireland ISIF Ireland Strategic Investment Fund[46] 12 2014 Non-commodity
Chile Chile ESSF Economic and Social Stabilization Fund[47] 11 2007 Copper
Chile Chile PRF Pension Reserve Fund 11 2006 Copper
China China CADF China-Africa Development Fund 10 2007 Non-commodity
United States United States NDLF North Dakota Legacy Fund 8.1 2011 Oil & Gas
Mexico Mexico FMP Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo 7 2000 Oil & Gas
Trinidad and Tobago Trinidad & Tobago HSF Heritage and Stabilization Fund[48] 6 2000 Oil & Gas
Peru Peru FSF Fiscal Stabilization Fund[49] 5 1999 Non-commodity
Indonesia Indonesia INA Indonesia Investment Authority 5.3 2021 Non-commodity
Angola Angola FSDEA Fundo Soberano de Angola 5 2012 Oil & Gas
Italy Italy CDP Equity Cassa Depositi e Prestiti Equity[50] 5 2011 Non-commodity
Philippines Philippines MF Malampaya Fund 4.2[51] 2001 Oil & Gas
Botswana Botswana PF Pula Fund 4[52] 1994 Diamonds
India India NIIF National Investment and Infrastructure Fund 4 2015 Non-commodity
United States United States ATF Alabama Trust Fund 3 1985 Oil & Gas
Nigeria Nigeria NSIA Nigeria Sovereign Investment Authority 2.6[53] 2011 Oil & Gas
United States United States SIFTO Utah-SITFO[54] 2.5 1983 Land & Mineral Royalties
United Arab Emirates United Arab Emirates RIA RAKIA 2 2005 Oil & Gas
United Arab Emirates United Arab Emirates SAM Sharjah Asset Management Holding[55][56] 2 2008 Non-Commodity
United States United States IEFIB Idaho Endowment Fund Investment Board[57] 2 1969 Land & Mineral Royalties
United States United States CSF Oregon Common School Fund 2 1859 Lands & Mineral Royalties
Kuwait Kuwait AWQAF Awqaf and Islamic Affairs Fund[58] 1.99 1993 Non-commodity
Panama Panama FAP Fondo de Ahorro de Panama[59] 1.4 2012 Non-commodity
United States United States LEQTF Louisiana Education Quality Trust Fund[60] 1.4 1986 Oil & Gas
United States United States BCPL Wisconsin Board of Commissioners of Public Lands 1.4 1848 Land, Timber and Non-commodity
United States United States FMP Colorado Public School Fund Endowment Board 1.2 2016 Lands and Minerals Royalties
Vietnam Vietnam SCIC State Capital Investment Corporation 1.2 2006 Non-commodity
Gabon Gabon FGIS Fonds Gabonais d'Investissements Strategiques 1.0 2012 Oil & Gas
State of Palestine Palestine PIF Palestine Investment Fund 1.0 2003 Non-commodity
Ghana Ghana GPF Ghana Petroleum Funds 0.9 2011 Oil & Gas
Australia Australia WAFF Western Australian Future Fund 0.8 2012 Minerals
Turkmenistan Turkmenistan TSF Turkmenistan Stabilization Fund 0.5 2008 Oil & Gas
Bolivia Bolivia FINPRO Fondo para la Revolución Industrial Productiva[61] 0.4 2015 Non-commodity
Kiribati Kiribati RERF Revenue Equalization Reserve Fund 0.4 1956 Phosphates
Equatorial Guinea Equatorial Guinea FRGF Fonds de Réserves pour Générations Futures 0.2 2002 Oil & Gas
Rwanda Rwanda AGDF Agaciro Development Fund[62] 0.2 2012 Non-commodity
Mauritania Mauritania NFHR National Fund for Hydrocarbon Reserves 0.1 2006 Oil & Gas
Mongolia Mongolia FHF Future Heritage Fund[63] 0.1 2011 Minerals
Nigeria Nigeria BDIC Bayelsa Development and Investment Corporation 0.1 2012 Non-commodity
Senegal Senegal FONSIS Fonds Souverain d'Investissement Strategiques[64] 0.1 2012 Non-commodity

See also

References

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  2. ^ "Sovereign Funds Embrace Direct Real Asset Deals". SWF Institute. 1 August 2013.
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  4. ^ a b M. Nicolas J. Firzli and Joshua Franzel: ‘Non-Federal Sovereign Wealth Funds in the United States and Canada’, Revue Analyse Financière, Q3 2014
  5. ^ "The world's most expensive club". The Economist. 24 May 2007.
  6. ^ "Sovereign-Wealth Funds Went Full Steam Ahead Direct Investing in 2014". The Wall Street Journal. 6 January 2015.
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  8. ^ "Sovereign Wealth Funds: The New Hedge Fund?". The New York Times. 1 August 2007.
  9. ^ Duncan, Gary (27 June 2007). "IMF concern over 'black box' funds of reserve rich nations". The Times. London.
  10. ^ "Rebuilding America: The Role of Foreign Capital and Global Public Investors | Brookings Institution". Brookings.edu. 11 March 2011. Retrieved 5 October 2016.
  11. ^ Global, IndraStra. "How Are Sovereign Wealth Fund Decisions Made?". IndraStra. ISSN 2381-3652.
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  14. ^ a b International Forum of Sovereign Wealth Funds. "Santiago Principles". Retrieved 27 September 2016.
  15. ^ International Forum of Sovereign Wealth Funds. "About us". Retrieved 27 September 2016.
  16. ^ International Forum of Sovereign Wealth Funds. "Our Members". Retrieved 27 September 2016.
  17. ^ "International Forum of Sovereign Wealth Funds (IFSWF) and Hedge Fund Standards Board (HFSB) establish Mutual Observer relationship". Hedge Fund Standards Board. 4 April 2016. Retrieved 27 September 2016.
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Further reading

  • Sovereign Wealth Fund Institute – What is a SWF? What is a Sovereign Wealth Fund? - SWFI
  • Natural Resource Governance Institute & Columbia Center for Sustainable Investment "Managing the Public Trust: How to make natural resource funds work for citizens", 2014. [1]
  • Castelli Massimiliano and Fabio Scacciavillani "The New Economics of Sovereign Wealth Funds", John Wiley & Sons, 2012
  • Saleem H. Ali and Gary Flomenhoft. "Innovating Sovereign Wealth Funds" Archived 3 March 2011 at the Wayback Machine. Policy Innovations, 17 February 2011.
  • M. Nicolas J. Firzli and Vincent Bazi, World Pensions Council (WPC) Asset Owners Report: “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective”, USAK/JTW 30 July 2011 and Revue Analyse Financière, Q4 2011
  • M. Nicolas J. Firzli and Joshua Franzel. "Non-Federal Sovereign Wealth Funds in the United States and Canada". Revue Analyse Financière, Q3 2014
  • Xu Yi-chong and Gawdat Bahgat, eds. The Political Economy of Sovereign Wealth Funds (Palgrave Macmillan; 2011) 272 pages; case studies of SWFs in China, Kuwait, Russia, the United Arab Emirates, and other countries.
  • Lixia, Loh. "Sovereign Wealth Funds: States Buying the World" (Global Professional Publishing: 2010).

External links

  • SWF Institute Organization dedicated to Studying Sovereign Wealth Funds
  • International Forum of Sovereign Wealth Funds IFSWF is a voluntary group of SWFs – Set up by IMF
  • Balin, Bryan J. (2010). "The impact of the global economic crisis on sovereign wealth funds". Asian-Pacific Economic Literature. 24: 1–8. doi:10.1111/j.1467-8411.2010.01246.x. S2CID 152517943.
  • Sovereign Wealth Fund Rank SWF Rankings
  • The impact of sovereign wealth funds on global financial markets – European Central Bank, Occasional Paper No 91. July 2008.
  • Linaburg-Maduell Transparency Index – Point system on grading sovereign wealth fund transparency
  • One Planet Sovereign Wealth Funds One Planet SWF Page
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