(March 7, 2014) — The International Forum of Sovereign Wealth Funds (IFSWF) has decided to move its Secretariat office from premises at the International Monetary Fund in Washington DC to the City of London.
IFSWF Chair Bader M Al-Sa’ad said the relocation would allow the body to further the IFSWF mandate and “expand its activities”.
Daniel Godfrey, chief executive of UK trade body the Investment Management Association (IMA) welcomed the news, saying the move would help to enrich and expand the international voices and viewpoints represented in the UK’s financial centre.
“Many sovereign wealth funds already appoint UK-based investment managers and this move will help to strengthen the collaboration between sovereign funds and UK investment managers,” he said.
“At the IMA, we look forward to working with the IFSWF on matters of mutual interest, such as long-term investment and the role of asset managers and owners in supporting long-term and sustainable wealth creation to the benefit of both end investors and economies.”
The UK Chancellor George Osborne also praised the decision, saying the IFSWF’s decision had been driven by London’s “ease of access, ease of doing business, the quality of the legal and regulatory environment and wealth of skilled labour”.
The IFSWF has 26 global sovereign wealth funds as members, including Australia, Azerbaijan, China, New Zealand, Norway and the United Arab Emirates.
It was established in 2009 to exchange views on issues of common interest and to facilitate an understanding of SWF activities and the Santiago Principles.
The IFSWF isn’t the only one opening offices in the UK’s capital: Alberta Investment Management Corporation’s (AIMCo) announced earlier this year that it would open a two-man office in London, and the Canada Pension Plan Investment Board and the Kuwait Investment Authority already have offices in the city.
Readers can find more about asset owners launching satellite offices around the world here.
Related Content: Exotic Aspirations and Norway SWF to Double Equities Team