SWF growth to slow

Stephen Jen, an economist at Morgan Stanley, has adjusted downward his estimate of the growth of sovereign wealth funds in the coming years.

Jen, whose May 2007 estimate that sovereign wealth funds (SWFs) could swell to $12 trillion by 2015 was widely quoted by policymakers around the world, now thinks $9.7 trillion "looks like a more realistic target."

"A lot has happened this year; even some SWFs may have been adversely affected by the market developments. Many of the SWFs may have sustained