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Article: The new Rothschilds; Sovereign-wealth funds.(Sovereign-wealth funds follow the money)
- Article from:
- The Economist (US)
- Article date:
- September 29, 2007
CopyrightCOPYRIGHT 2007 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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State-run funds are pumping money into the financial sector
WHEN credit is tight, cash is a powerful weapon. No one is better armed than sovereign-wealth funds, a loose term to describe state-run investment pools, which have an estimated $2 trillion-3 trillion under management and are playing an increasingly muscular--and controversial--role in cross-border investment.
Middle Eastern money has been particularly active. Witness the Byzantine struggle between Borse Dubai, a firm backed by the emirate's government, and the Qatar Investment Authority, for the title of the Middle East's financial hub. They have both built big stakes in OMX, a Nordic exchange ...