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GLD 368.31+0.6%Nov 7 4:00 PM EST
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To: carranza2 who wrote (36811)7/11/2008 11:37:01 AM
From: elmatador  Read Replies (1) of 217620
 
Sovereign wealth funds 'close to agreeing to code'

Help is on the way:
welcome the funds on the grounds that they are injecting fresh capital into the credit crunch hit financial systems.

Sovereign wealth funds 'close to agreeing to code'

State-backed investment vehicles are on the verge of drawing up a voluntary code of conduct, it has been revealed.

The announcement from the International Monetary Fund (IMF) follows a two-day meeting with representatives from counties which operate sovereign wealth funds.

They are believed to have completed the code and have agreed to stay bound by it as of October

Jaime Caruana, director of the IMF's monetary policy and capital markets department, said: "There was a broad agreement on the stability function that sovereign funds have brought to the financial system and the capacity that they have to bring."

Moves to introduce informal regulations to the activities of sovereign wealth funds have been stoked by rising concerns over their potential to make investments for political rather than financial gain.

However, while much of this has been from governments, financial workers have tended to welcome the funds on the grounds that they are injecting fresh capital into the credit crunch hit financial systems.

londonstockexchange.com
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