The role of sovereign wealth funds on the modern global capital market

Abstract

The appearance of a new type of influential institutional investors on the global capital market helped realize some major changes in the global financial system. Investors from developing countries have caught up by assets with those from OECD, while the growth of financial centers in
Singapore, Dubai and Shanghai have ensured the development of the leading financial institutions and assets managers not dependent on the financial centers in New York and London. The volume of assets under management of the leading players in developing countries, sovereign wealth funds, continue to show its steady growth despite the financial shorkss observed since 2007. This paper presents the analysis of the sovereign funds’ background and historical evolution, including Russian sovereign wealth funds.