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Sovereign Wealth FundsLegitimacy, Governance, and Global Power$
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Gordon L. Clark, Adam D. Dixon, and Ashby H.B. Monk

Print publication date: 2013

Print ISBN-13: 9780691142296

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691142296.001.0001

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Conclusion: Form and Function in the Twenty-First Century

Conclusion: Form and Function in the Twenty-First Century

(p.137) 9 Conclusion: Form and Function in the Twenty-First Century
Sovereign Wealth Funds

Gordon L. Clark

Adam D. Dixon

Ashby H. B. Monk

Princeton University Press

This chapter looks to the future and rehearses the argument about form and function, recognizing that today's ideal form of the sovereign wealth fund (SWF) is based on two sets of rules: those related to who is responsible for investment decision-making and those related to the conceptual foundations of investment practice. Thereafter, it suggests that the form of SWFs may not be stable over the long term; the challenge facing SWFs is, in part, about transcending traditional forms of investment management in favor of a genuine commitment to long-term investment in the interest of both the SWF and the sovereign. The chapter argues that transcending the current paradigm may necessitate the transformation of the form of SWFs such that they become strategic investors rather than portfolio investors, knitting together their sponsors' geopolitical interests with investment management.

Keywords:   sovereign wealth funds, investment decision making, investment practice, investment management, long-term investment

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