Share

World sovereign funds forum switches HQ

London - The International Forum of Sovereign Wealth Funds (IFSWF) announced on Wednesday that it is switching its headquarters from Washington to London.

"The decision further reinforces IFSWF's position as a significant global institution," said the group, which represents the world's top sovereign wealth funds (SWFs).

Finance minister George Osborne welcomed the "great news", saying it was a "vote of confidence" for the British economy.

"I am determined to secure the UK's position as a world class business and financial centre," he added.

The minister said that the decision showed that London "is a leading global financial and professional services centre, and an ideal environment for international organisations."

The IFSWF chose the British capital because of its "ease of access, ease of doing business, the quality of the legal and regulatory environment and wealth of skilled labour," according to a statement from Osborne's office.

Sovereign wealth funds are investment vehicles typically controlled by rich countries with trillions of dollars at their disposal ready to invest abroad.

The IFSWF was founded in 2009 in Kuwait and brings together 26 leading funds from countries including Australia, Azerbaijan, China, New Zealand, Norway and the United Arab Emirates.

Mark Boleat, policy chairman at the City of London Corporation, which runs the City financial district, also welcomed the move.

"The City's international outlook is a major asset that can help to provide a springboard to markets across the globe," he said in a statement.

"Sovereign wealth funds have long recognised the UK's reputation for being open to investment and we hope IFSWF's move will help to strengthen existing partnerships and establish new ones."


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.90
+0.2%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.36
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders