Singapore ranks in top 10 for well-managed government wealth funds

Singapore  - Two Singapore sovereign wealth funds were ranked sixth and seventh in the world for good governance and transparency by a US-based economic think tank, a newspaper reported Thursday.

Tamasek Holdings was sixth, followed by the Singapore Government Investment Corp, The Straits Times said.

The rankings of 100 government investment funds by the Peterson Institute for International Economics put Norway's Pension Fund-Global in the top position.

The rankings were released at a summit this week of global sovereign wealth funds and the International Monetary Fund (IMF) in Santiago, Chile.

Twenty-six of the world's largest sovereign wealth funds reached a preliminary agreement meant to address concerns about their growing commercial investments around the globe and questions about whether their investments were political rather than financially motivated.

The 24 voluntary guidelines included issues like transparency, accountability, governance, sources of funding and use of earnings.

Sovereign wealth funds collectively control an estimated 3 trillion US dollars of assets. Funds from Singapore, China and the United Arab Emirates this year have pumped much needed capital into ailing financial companies, such as Citibank Inc, Merrill Lynch and Co, Morgan Stanley and UBS AG. (dpa)

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