Sovereign wealth funds

Source: Wikipedia. Pages: 29. Chapters: The Government Pension Fund of Norway, Sovereign wealth fund, Istithmar World, Temasek Holdings' investments, China Investment Corporation, Stabilization Fund of the Russian Federation, State Administration of Foreign Exchange, Abu Dhabi Investment Council, Australian Government Future Fund, Government of Singapore Investment Corporation, Abu Dhabi Investment Authority, Libyan Investment Authority, List of countries by sovereign wealth funds, Alberta Investment Management, Kingdom Holding Company, Qatar Investment Authority, Nauru Phosphate Royalties Trust, China Central Huijin, Khazanah Nasional, Korea Investment Corporation, Tuvalu Trust Fund, New Zealand Superannuation Fund, Kuwait Investment Authority, Investment Corporation of Dubai, Russian National Wealth Fund, National Pension Service, Santiago Principles, State General Reserve Fund, Investment Saskatchewan, Crown Investments Corporation, Timor-Leste Petroleum Fund, Revenue Equalization Reserve Fund. Excerpt: The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the Government of Norway: The Government Pension Fund - Global (Norwegian: , SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. The fund changed name in January 2006 from its previous name The Petroleum Fund of Norway. The fund is commonly referred to as The Oil Fund (Norwegian: Oljefondet). As of the valuation in June 2011, it was the largest pension fund in the world, although it is not actually a pension fund as it derives its financial backing from oil profits and not pension contributions. As of 31 December 2010 its total value is NOK 3,077 billion ($525 bn), holding 1 per cent of global equity markets. With 1.78 per cent of European stocks, it is said to be the largest stock owner in Europe. The purpose of the petroleum fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, generated mainly from taxes of companies, but also payment for license to explore as well as the State's Direct Financial Interest and dividends from partly state-owned Statoil. Current revenue from the petroleum sector is estimated to be at its peak period and to decline over the next decades. The Petroleum Fund was established in 1990 after a decision by the country's legislature to counter the effects of the forthcoming decline in income and to smooth out the disrupting effects of highly fluctuating oil prices. The fund is managed by Norges Bank Investment Management (NBIM), a part of the Norwegian Central Bank on behalf of the Ministry of Finance. It is currently the largest pension fund in Europe and is larger than the California public-employees pension fund (CalPERS), the largest public pension fund in the United States. The Norwegian Ministry of Finance forecasts that the fund will reach NOK 4,334.3 billion ($717 bn) by the end of 2014 and NOK 6,065.7 billion ($1,003 bn) by the end of 2019. In a parlia