Group set up to work on SWF code

Sovereign wealth funds and International Monetary Fund officials have set up a working group to design a voluntary code of conduct due out later this year.

The International Working Group of Sovereign Wealth Funds comprises representatives from 25 countries. It will be co-chaired by a senior representative of the Abu Dhabi Investment Authority, the world's biggest sovereign fund, and Jaime Caruana, the director of the International Monetary Fund's Monetary and Capital Markets Department.

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