News

UNI Global Union has been drawing attention to the growth of sovereign wealth funds. In a report published late 2007, UNI alerted unions to their growing financial muscle. Further evidence has emerged to confirm this with the news that Chinese sovereign wealth fund, CIC is brokering a deal with US private equity group JC Flowers.



JC Flowers have created a new fund in partnership with $4billion of CIC’s capital to spend on smaller financial service investments. The partnership opens a way for sovereign wealth funds to break into new territory without the fear of provoking domestic criticism. This raises new questions about the transparency of financial transactions and accountability of the funds concerned.