Sovereign wealth funds that control $3 trillion (Dh11trn) were today due to meet in Washington DC to lift the lid on their historically secretive activities. A group representing 21 of the world's largest state-owned pots of cash will tell the annual meeting of the International Monetary Fund (IMF) and the World Bank how they intend to operate in future. Major funds, including the $875 billion Abu Dhabi Investment Authority (Adia), have come up with a code of practice to allay fears about a perceived lack of transparency. The meeting comes at an awkward time for the funds, which have watched their overseas banking and property investments suffer in the crisis engulfing the world's financial sector. Washington DC - the political heart of the crisis - is seen by many as a fitting place to discuss their future investments. Funds...
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