Wednesday, 03 December 2008
updated 1 minute ago
03:06 UAE time

YOUR DIRECTORY /

US in talks with wealth funds over code of conduct

by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 26 February 2008

INVESTMENT PROTOCOL: The US has held talks with Abu Dhabi and Singapore over a code of conduct for wealth funds. (Getty Images)

US Treasury officials have met executives from two of the world's largest sovereign wealth funds to discuss embracing a set of promises not to use their wealth for political advantage, the Wall Street Journal reported on Tuesday.

The US delegation met executives from the Abu Dhabi Investment Authority (ADIA) and from the Government Investment Corporation (GIC) of Singapore last week, the newspaper reported, quoting officials involved in the sessions.

The talks are part of global negotiations to draft rules to oversee the behaviour of such funds without discouraging them from investing in the US at a time of global financial turmoil.

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A spokeswoman for GIC declined to comment on the report, while a spokesman for ADIA could not immediately comment.

Sovereign wealth funds are huge pools of government-controlled investment cash and have recently invested in banks including Citigroup, Merrill Lynch & Company and UBS AG. (Reuters)

EU eyeing wealth fund code of conduct
Voluntary code would ask funds to stress commercial goals over strategic considerations when investing.

Kuwait fund hungry for European, US investments
Kuwait Investment Authority looks to deploy cash in financial and real estate sectors.

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