Many public funds don’t adhere to basic norms of modern money management and most don’t even appear to make an effort to match their investment strategies with their future financial obligations. ”As [sovereign wealth funds] have grown they appear to be demonstrating an increasing risk appetite very little transparency and virtually no clarity of objectives ” write three researchers including Wharton professor of insurance and risk management Olivia Mitchell in a soon-to be-published paper titled ”Managing Public Investment Funds: Best Practices and New Questions.”
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