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Sovereign fund forum has no plan to include central banks - official
November 20, 2014 / 10:38 AM / 3 years ago

Sovereign fund forum has no plan to include central banks - official

DOHA, Nov 19 (Reuters) - The International Forum of Sovereign Wealth Funds (IFSWF) will not invite central banks to join its ranks as they do not fit the group’s definition of such a fund, a board member said on Thursday.

The forum, a grouping founded with International Monetary Fund backing that promotes a voluntary code of practice, said in September it would explore whether to take in a wider pool of state-backed investors including central banks.

“Central banks don’t fit the definition of a SWF so they won’t be included,” Majed al-Romaithi, who is also chief executive of the real estate and infrastructure department at the Abu Dhabi Investment Authority, told Reuters.

Romaithi, who was speaking on the sidelines of the industry conference in Doha, noted nevertheless that in some cases central banks evolve to become sovereign wealth funds, giving examples of Norway and Qatar. (Reporting by Amena Bakr; Writing by David French and Martin Dokoupil; Editing by Hugh Lawson)

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