| In establishing its sovereign wealth fund, Mongolia had a wide range of forebears to learn from. Singapore’s Temasek may not be the best choice. International investors couldn’t get enough of Mongolia, and Mongolia of them, back in 2010-2011. With its unending mineral abundance notionally worth trillions, it was said that the world’s busiest place was the area between an investment banker and a Mongolian cabinet minister.
IPO deal hunters auctioned cattle-class seats on the few flights into Mongolia. And when they got there, they brawled over who would get the mandate of some mine in this new Saudi, this would-be Qatar-of-the-Steppe. But it was all for nought. There were no mandates. Commodity prices – and several Mongolian governments, and local banks too – have since tanked...............................................Full Article: Source
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