from The Century Dictionary and Cyclopedia
- n. The aggregate of wealth which exists at a given moment, as contrasted with the income which comes into existence in a given time. The wealth-fund is regarded by some economists as capital, rightly conceived.
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Also excluded are some Western investment groups with close state links, such as Calpers and Hermes, the U.S. and United Kingdom pension funds -- which are occasionally tarred with the sovereign wealth-fund brush -- since these have clear obligations to their investors.
The explosion of resources under sovereign wealth-fund management and a shift by some into stocks rather than the more traditional bonds have made them front-page players.
The arrangement marks a turnaround from earlier wealth-fund investments, where terms were less onerous for banks.
Afterward, the G-7 -- Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. -- issued a statement saying that while their economies "can benefit from openness" to wealth-fund investments, the International Monetary Fund and World Bank should examine issues such as the funds 'structure, transparency and accountability.
pulling out of its recession in the third quarter-exceptional monetary and fiscal policy stimulus, renewed institutional and sovereign wealth-fund inflows into commodities and investor interest into such "hard assets" as crude oil and precious metals.