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TITLE: Sovereign Wealth Funds DATE: 2008-11-03 SPEAKERS:
LOCATION : Salon Picasso, SOFITEL, 1155 Sherbrooke Street West DESCRIPTION : SOVEREIGN wealth funds: a source of stability or instability for the capital markets? Sovereign wealth funds manage large pools of money owned by governments and are often close to the seat of power. The bulk of these funds are located in the Middle East and emerging Asia, and have enjoyed strong growth as the result of globalization, with the unprecedented rise in the price of oil and swelling current account surpluses. Combined, these funds are said to control close to $2-3 trillion today and are expected to reach $8 trillion within a few years. They have started flexing their investment muscles around the world: witness the investments in UBS, Citibank, Merrill Lynch, Four Seasons, Fairmont Hotels and many others. This activity will no doubt have an impact on global capital markets: what are their hurdle rates? their time horizon? their ultimate intentions? their governance practices? And most importantly, how will they impact global financial asset prices? Ms Michala Marcussen, Head of Strategy and Economic Research at SGAM (Société Générale Asset Management) based in Paris has extensively researched this topic and will provide answers to the questions above and be ready to discuss the geo-political impact of this seismic revolution in the investment industry . |
