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Tue 26 Feb 2008 04:05 PM

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US in talks with wealth funds over code of conduct

Treasury meets with Abu Dhabi and Singapore to discuss investment protocol.

US in talks with wealth funds over code of conduct
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.

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)

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