Sovereign wealth fund round-up

The creation of a much-mooted code of conduct for sovereign wealth funds edged closer this week after the European Commission submitted its ideas to the region's finance ministers for review in mid-March.

Following accusations from US lawmakers that the International Monetary Fund was dragging its feet on the issue, the EU has decided it will take the lead, saying on Wednesday that it wanted to be the "driving force furthering international work" in creating a set of best practice guidelines.