Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work—and how they should work.
The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges? The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta’s AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.
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Acknowledgments
Foreword, by Arunma Oteh, Vice President and Treasurer, The World Bank
Part I. The Evolution of Sovereign Wealth Funds: Mandates and Governance
1. Introduction, by Malan Rietveld and Perrine Toledano, Columbia Center on Sustainable Investment
2. ‘Best-Practice’ Sovereign Wealth Funds for Sound Fiscal Management, by Corinne Deléchat, Mauricio Villafuerte, and Shu-Chun S. Yang, International Monetary Fund
3. Sovereign Wealth Funds as Long-Term Investors: Taking Advantage of Unique Endowments, by Adrian Orr, Guardians of the New Zealand Superannuation Fund
4. The Governance Implications of the Increasing Levels of Direct Investment of Sovereign Wealth Funds, by Robert Ohrenstein and James White, KPMG
5. Playthings and Parallel Budgets: The Economic and Governance Performance of Sovereign Wealth Funds, by Andrew Bauer, Natural Resources Governance Institute
Part II. The Rise of Sovereign Development Funds: Debates and Policy Implementation
6. A Simple Typology of Sovereign Development Funds, by Adam D. Dixon and Ashby H. B. Monk, University of Bristol and Stanford University
7. Domestic Investment Practices of Sovereign Wealth Funds: Empirical Evidence to Inform Policy Debates, by Ekaterina Gratcheva and Nikoloz Anasashvili, The World Bank Treasury
8. Sovereign Wealth Fund Investments in the Home Economy, by Alan Gelb, Silvana Tordo, and Håvard Halland, The World Bank
9. Sovereign Wealth Funds in the Context of Macro-Fiscal Frameworks for Resource-Rich Developing Countries, by Corinne Deléchat, Mauricio Villafuerte, and Shu-Chun S. Yang, International Monetary Fund
10. The Role of the Nigeria Sovereign Investment Authority in a New Era of Fiscal Responsibility, by Uche Orji and Stella Ojekwe-Onyejeli, Nigeria Sovereign Investment Authority
Part III. Toward the New Frontiers of Sovereign Investment
11. Responsible Investment at AIMCo, by Alison Schneider, Alberta Investment Management Corporation
12. Sovereign Wealth Funds and Long-Term Investments in Infrastructure: Why the Glaring Absence?, by Sanjay Peters, Columbia University
13. North America’s Sovereign Wealth Funds: Origins, Models, and Lessons, by Malan Rietveld, Columbia Center on Sustainable Investment
14. Sovereign Venture Funds: An Emerging Frontier in Sovereign Wealth Fund Management, by Javier Santiso, IE Business School
15. Conclusion, by Malan Rietveld and Perrine Toledano, Columbia Center on Sustainable Investment
Contributors
Index
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Malan Rietveld is a fellow at the Columbia Center on Sustainable Investment at Columbia University and was previously a fellow at the Center for International Development at Harvard Kennedy School. He is the editor of three books on sovereign wealth funds: Sovereign Wealth Management (2008), New Perspectives on Sovereign Asset Management (2008), and Sovereign Risk Management (2009). He has advised several sovereign wealth funds on governance, management, and strategic issues.Perrine Toledano heads the Columbia Center on Sustainable Investment’s focus on extractive industries and sustainable development, which includes leading research, training, and advisory activities. She codirected a joint research project between CCSI and the Natural Resource Governance Institute on the governance and transparency of resource-based sovereign wealth funds.
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