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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Market

Australia: Forging wealth fund from resources boom ‘a must’

Posted on 17 March 2011

From Theaustralian.com.au: Business leaders yesterday backed calls for the windfall profits from the resources boom to be put into a new sovereign wealth fund. Commonwealth Bank chief executive Ralph Norris, UBS investment banking chief Guy Fowler and BT Investment Management equity strategist Crispin Murray warned that Australia should make sure it retained some of the wealth from the current mining boom for the benefit of future generations.
“We really should be looking at a sovereign wealth fund,” Norris said. “At some point in time, this cycle is going to end and, to have something left from that and something that can act as a buffer going forward, is absolutely essential.”………………………………………Full Article: Source

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