Whatever happened to sovereign-wealth funds? Eighteen months ago swes were destined to acquire swathes of Western companies for foreign governments, not all of which always passed the smell test. They then had a brief cameo as the saviours of Western banks, piling in where few other investors dared to tread. But lately things have gone quiet. That partly reflects the big losses that many funds are sitting on. But there is also a suspicion that the funds are a little passe; that their importance was as exaggerated as the merits of leveraged buy-outs or originate-to-distribute banking.
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