Secretive SWFs Meet in Sydney

More than 24 sovereign wealth funds will meet in Sydney this week for a three-day closed conference.

(May 6, 2010) — Sovereign wealth funds are voluntarily meeting in Sydney this week to examine government discrimination and open markets among other topics. The media and the public are banned from the event.

The meeting reflects the opaqueness of the industry and the tendency for SWFs to shy away from the public eye. According to London-based research firm Preqin, assets under management of SWFs stand at more than $3.51 trillion.

Hosted by the $68 billion Australian Government Future Fund, the second annual gathering of the International Forum of Sovereign Wealth Funds, a group established in 2008 to promote best practice and industry understanding, will begin Thursday. The International Monetary Fund’s decision to help create the list of “best practices” led to SWFs like the Future Fund and the Abu Dhabi Investment Authority, the world’s biggest, to construct the Santiago Principles, improving transparency and governance.

The top government-backed investors attending the conference include Bader al-Saad, managing director of Kuwait Investment Authority, and Jin Liqun, supervisory board chairman of China Investment Corp, the Financial Times reported.

To contact the <em>aiCIO</em> editor of this story: Paula Vasan at <a href=''></a>; 646-308-2742