{"id":574180,"date":"2020-09-01T03:45:50","date_gmt":"2020-09-01T03:45:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/the-future-of-swfs-is-at-risk-as-covid-19-turns-the-industry-on-its-head\/"},"modified":"2020-09-01T03:45:50","modified_gmt":"2020-09-01T03:45:50","slug":"the-future-of-swfs-is-at-risk-as-covid-19-turns-the-industry-on-its-head","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/the-future-of-swfs-is-at-risk-as-covid-19-turns-the-industry-on-its-head\/","title":{"rendered":"The future of SWFs is at risk as covid-19 turns the industry on its head"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The future of SWFs is at risk as covid-19 turns the industry on its head: <\/strong>Sovereign wealth funds (SWFs) around the world may undergo \u201cprofound changes\u201d as cash-strapped governments turn to them to help them plug revenue shortfalls and support local economies, academics from Bocconi University, New York University and the London School of Economics said in <a href=\"http:\/\/www.bernardobortolotti.com\/wp-content\/uploads\/2020\/08\/SWF-and-COVID19.pdf\">a report (pdf)<\/a>. Funds in oil-dependent economies in particular are facing \u201cthe most severe adverse shock of their history\u201d as one of the deepest demand slumps in living memory wreaks havoc on state revenues, while at the same time a pandemic forces them to ramp up fiscal stimulus. In response, JPMorgan sees MENA SWFs offloading almost USD 225 bn of their equity assets, while the Institute of International Finance is forecasting Gulf funds to draw down around USD 80 bn.<\/p>\n<p><strong>Lots of money out: <\/strong>SWFs in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-12\/world-s-biggest-wealth-fund-faces-record-37-billion-withdrawal?sref=mmeFTDW1\">Norway<\/a>, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-iran-fund\/iran-supreme-leader-approves-tapping-sovereign-wealth-fund-to-fight-coronavirus-idUSKBN21O23U\">Iran<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-07\/kuwait-s-wealth-fund-on-standby-as-oil-price-virus-hit-finances?sref=mmeFTDW1\">Kuwait<\/a> and <a href=\"https:\/\/nsia.com.ng\/~nsia\/sites\/default\/files\/press-release\/Press%20Release%20-%20First%20Withdrawal%20from%20Stabilisation%20Fund%20of%20NSIA_0.pdf\">Nigeria<\/a> have seen withdrawals to fund government spending while Singapore, Malaysia and Turkey have used them for corporate bailouts. And Diego Lopez, managing director of Global SWF \u2014 a firm that follows SWFs \u2014 <a href=\"https:\/\/www.pionline.com\/sovereign-wealth-funds\/pandemic-could-hit-some-middle-east-funds-even-harder\">expects there to be several more withdrawals coming<\/a>, particularly among Gulf states.<\/p>\n<p><strong>SWFs are becoming more leveraged and less focused on profitability post-pandemic: <\/strong>Instead of investing globally, the covid-19 pandemic could create \u201cmore leveraged\u201d SWFs, and ones that turn to domestic investments, rather than looking abroad for returns, the report suggests. What this would mean is that SWFs who together have over USD 6 tn in assets stand to lose on financial returns as they \u201cfocus on [the] broader economic and social impact,\u201d the report adds, estimating \u201cpaper losses\u201d of USD 800 bn. SWFs have already been seeing a fall in direct investments, even before the covid-19 pandemic hit, <a href=\"https:\/\/www.cnbc.com\/2020\/06\/09\/sovereign-wealth-funds-investments-helped-by-coronavirus-crisis.html\">CNBC<\/a> recently reported.<\/p>\n<p><strong>Is the \u201cgolden age\u201d of SWFs actually over?<\/strong> The short answer is yes, according to the report, which says that falling oil prices, increasing protectionism and new barriers to cross-border flows have stymied SWFs over the past two decades. While some will remain powerful players in international finance, the pandemic and the economic downturn pose a \u201cquintessential challenge\u201d to the industry. \u201cThe disruptive potential of the crises is such that no country, nor SWF, will be spared. Sovereign investors of all stripes will be called to reassess their investment strategies, as new public-sector liabilities will have to be accounted for,\u201d the academics write.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The future of SWFs is at risk as covid-19 turns the industry on its head: Sovereign wealth funds (SWFs) around the world may undergo \u201cprofound changes\u201d as cash-strapped governments turn to them to help them plug revenue shortfalls and support local economies, academics from Bocconi University, New York University and the London School of Economics [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":574181,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[2653,107,7106,104,72,125,91,734,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-budgeting","tag-covid-19","tag-debt","tag-economy","tag-enterpriseam","tag-investment-watch","tag-oil-and-gas","tag-sovereign-wealth-funds","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"8f754e0b-aeff-4344-bf98-477158ea3a9b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/11.jpg","photo_position":"above","related_issue":[574161],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Products\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564472,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/meet-the-tree-hugging-swfs\/","url_meta":{"origin":574180,"position":1},"title":"Meet the tree-hugging SWFs","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"Sovereign wealth funds are piling into green investments, especially clean tech, as the push to combat climate change picks up steam, according to Barron\u2019s. The move towards green investments comes as part of the general uptick in funding for sustainable projects and appetite for environmental, social, or governance (ESG) impact,\u2026","rel":"","context":"In &quot;Macro picture&quot;","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566019,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/sovereign-wealth-funds-doubled-their-investments-last-year-with-a-focus-on-domestic-economic-support\/","url_meta":{"origin":574180,"position":2},"title":"Sovereign Wealth Funds doubled their investments last year with a focus on domestic economic support","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"With an eye on local development, sovereign wealth funds nearly doubled their investments in 2020: Sovereign wealth funds\u2019 direct investments last year grew to USD 65.9 bn, from USD 35.9 bn in 2019, the International Forum of Sovereign Wealth Funds said in its annual review. Supporting local industries and domestic\u2026","rel":"","context":"In &quot;Macro picture&quot;","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/424.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598788,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/egypts-swf-joins-international-wealth-fund-body\/","url_meta":{"origin":574180,"position":3},"title":"Egypt\u2019s SWF joins international wealth fund body","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"Egypt Wealth Fund joins international industry body: Egypt\u2019s sovereign wealth fund has joined the International Forum of Sovereign Wealth Funds (IFSWF) as an associate member, the IFSWF said in a statement. Associate membership is granted for three years and will require the Egyptian fund to implement the Santiago Principles, which\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646844,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/gcc-sovereign-wealth-funds-accounted-for-40-of-global-sovereign-investments-in-9m-2024\/","url_meta":{"origin":574180,"position":4},"title":"GCC sovereign wealth funds accounted for 40% of global sovereign investments in 9M 2024","author":"enterpriseam admin","date":"2 October 2024","format":false,"excerpt":"China is emerging as a popular destination for Gulf sovereign funds","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/28.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":699231,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/gulf-swfs-have-become-the-swing-vote-in-global-capital-flows\/","url_meta":{"origin":574180,"position":5},"title":"Gulf SWFs have become the swing vote in global capital flows","author":"enterpriseam admin","date":"6 May 2026","format":false,"excerpt":"The Gulf\u2019s shift from LP to capital allocator is hitting a geopolitical stress test just as the fight for capital heats up","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/265.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574180"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574180\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574181"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574180"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574180"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}