The writer is chief executive and co-chief investment officer at Eurizon SLJ Capital
Donald Trump’s proposal to create a “Maga SWF” has attracted some scepticism since its announcement in the rush of executives orders on his return to the White House. But it should be taken seriously — it could become the largest and the most strategically important sovereign wealth fund in the world.
SWFs have been in existence since the 1950s but have grown rapidly as a global force in markets and economies in recent years since I started tracking them in the mid-2000s at Morgan Stanley. Their collective size has swelled from $2.5tn in 2007 to more than $13tn now.
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