Reuters, 28 Oct 2008, Saeed Azhar
SINGAPORE (Reuters) - Asian sovereign wealth funds may become more visible shoring up markets closer to home as emerging economies look to their deep pockets to steer around the damaging effects of global market turmoil.
The shift will come after funds' risky bets on Western banks such as Citigroup and UBS, where they pumped in billions of dollars during the early phase of the credit crisis, show little signs of paying off.
Wealth funds from Singapore, China and South Korea may instead look to invest growing cash piles in more defensive sectors such as Asian utilities and infrastructure firms, while keeping an eye on distressed property and financial assets in Western markets.
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