Sovereign funds meet in Singapore on guidelines: official

0 Comments | AFP, July, 2008

SINGAPORE (AFP) — Representatives of the world's sovereign wealth funds began a closed-door meeting in Singapore on Wednesday as part of efforts to prepare voluntary guidelines for the funds, an official said.

Sovereign wealth funds (SWFs) are a government-created investment vehicle which have emerged as a potent force on global markets, leading to concerns over a lack of transparency and national security in recipient countries.

In a bid to develop generally accepted principles and practices for the funds, the International Monetary Fund (IMF) gathered 25 of its member states with SWFs on May 1 to form the International Working Group.

"This is the first meeting of this group," a working group official, who asked not to be named, told AFP. He said the...