A Comparative Study of Sovereign Investor Models: Sovereign Fund Profiles

Authors:

Khalid A. Alsweilem, Angela Cummine, Malan Rietveld & Katherine Tweedie

This report is part of a research project on sovereign investors that involves scholars from a number of the world’s leading universities, former policymakers and the Investment Institute of Investec Asset Management. The research is the result of a collaboration between the Investment Institute and two centres of the John F. Kennedy School of Government at Harvard University: the Belfer Center for Science and International Affairs and the Center for International Development (CID).

In this report, we profile a number of the world’s leading sovereign funds. It accompanies another report, Sovereign investor models: Institutions and policies for managing sovereign wealth, which categorizes various types of sovereign investors and provides a detailed discussion of sovereign investors’ macroeconomic policy frameworks and governance arrangements. This report examines sovereign investor arrangements across 12 countries and 15 funds or institutions, providing deeper insight into:

  • Rule-based approaches to spending and saving commodity revenues;

  • Design of sovereign fund models with income stabilisation or long-term wealth management mandates;

  • Governance structures, allocation of roles and responsibilities and intra-governmental reporting lines within sovereign investment entities.