Raising Capital: The Role of Sovereign Wealth Funds
Chicago Fed Letter - Nbr. 258, January 2009
Paulson, Anna L
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This article describes what sovereign wealth funds do, where their funding comes from, and what drives their investment strategies. It also highlights some of the policy issues that their activities raise.
Raising Capital: The Role of Sovereign Wealth Funds
In their efforts to weather the subprime crisis and shore up balance sheets, many commercial and investment banks have been raising new capital. One important source of new capital has come from sovereign wealth funds (SWFs). For example, Morgan Stanley received $5 billion from the Chinese SWF China Investment Corporation. The United Arab Emirates' SWF Abu Dhabi Investment Authority purchased a 4.9% equity share in Citibank, and Merrill Lynch received $5 billion from Singapore's Temasek Holdings.
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