SOVEREIGN WEALTH FUNDS A statistical overview

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SOVEREIGN WEALTH FUNDS A statistical overview Marko Maslakovic Senior Economist International Financial Services, London www.ifsl.org.uk

Sovereign investment vehicles $ trillion Government controlled and owned pools of funds funded by official reserves, but managed and invested separately. Typically held in foreign assets and invested for the long-term. Some over 50 years old / more than a half at least 10 years old Vary in size, mgt. structure, sources of funds, use of funds (stabilisation, savings)

To reach: $5 trillion by 2010 and $10 trillion by 2015 Growth of SWFs’ assets $ trillion 64% Commodity 87% 13% 36% Non-commodity To reach: $5 trillion by 2010 and $10 trillion by 2015

Global funds under management $ trillion, end-2007 SWFs are, however, increasing at a greater pace and their influence on global markets will grow in the coming years

Where is the money coming from? Global current account imbalances $ trillion Euro Area Asia Oil Exporters United States Shift in structure of global finance - rise in importance of Emerging Markets

Sources of SWFs’ assets Commodity sources (around 2/3 of total) Export of Oil Gas Copper, etc... Non commodity sources (around 1/3 of total) Official foreign exchange reserves Pension funds Fiscal surpluses Privatisation receipts by 2010 (60% commodity / 40% non-commodity) by 2015 (48% commodity / 52% non-commodity)

SWFs market share by continent % share, end-2007 United Arab Emirates + Singapore + Norway + China + Saudi Arabia = 75% Highly concentrated – in total around 50 SWFs

Commodity sources Total: $4.1 trillion Oil exporting countries’ foreign investments assets % share, end-2007 Total: $4.1 trillion Growth at a compound annual rate of around 20% since 2000.

Non-commodity sources Official foreign exchange reserves % share, end-2007 Total: $6.5 trillion

Asian official FX reserves $bn 63% of world total Other Asia 44% of world total China Growth at a compound annual rate of around 20% since 2000.

The UK’s position on SWFs The UK Government is commited to ensuring the UK remains an open and competitive market for international investment The UK has a regulatory, competition and national security framework that ensures that all foreign investment (whether from a SWF or not) meets the appropriate criteria