$4tn wealth fund group eyes London for HQ

London is set for a boost in its bid to remain the world’s global financial centre thanks to the interest of an association of large sovereign wealth funds.

The International Forum of Sovereign Wealth Funds, a group of 24 funds led by China, Russia and the Gulf States that have combined assets of around $4tn, is planning to set up a permanent secretariat, with many members favouring London.

“Our members are considering London. We will make a decision soon,” Jin Liqun, chairman of the forum and of the China Investment Corporation, told the Financial Times.

Gerard Lyons, chief economic adviser to London Mayor Boris Johnson, welcomed the news as a “positive reflection of both London’s independence and its strong competitive global position”.

The forum was founded in 2009 with the support of the International Monetary Fund to promote co-operation and “best practise” among wealth funds.

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