The United States Treasury is targeting sovereign wealth funds run by the governments of Abu Dhabi and Singapore in what is expected to be a sustained campaign designed to limit their increasing power.
A delegation led by Clay Lowery, Assistant Secretary for International Affairs, began talks last week with the Abu Dhabi Investment Authority and the Government Investment Corporation of Singapore (GIC). The aim is to agree common practices on disclosure and investment criteria across all sovereign wealth funds.
Such funds are not required to disclose information about their investments and they are famously opaque. This was not considered a problem because most of their investments were in safe, low-return assets such as government bonds.
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The credit crunch has left many of America’s leading financial services companies in dire need of cash and few institutions apart from the funds have the necessary capital, so any attempt to safeguard the country’s interests must not come at the expense of alienating the funds.
Times OnlineCan you say 'vulture funds'?
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