David Murray, chairman of the AU$64.6bn Future Fund Board of Governors, has stepped down as the chair of the International Forum of Sovereign Wealth Funds (IFSWF) after a two-year term as the groups inaugural chairman.
Murray will be succeeded by Jin Liqun, Chairman of the Board of Supervisors, China Investment Corporation (CIC). Murray will continue as an honorary chair in a consultative role, supporting Jin and Bader Al Saad, managing director, Kuwait Investment Authority, the deputy chair of the forum.
The announcement was made at the IFSWFs third annual meeting in Beijing. At the same meeting, the forum also agreed to establish a permanent secretariat, temporarily based at the International Monetary Fund. A funded secretariat will allow us to participate more actively in work on issues relevant to SWFs, to help promote the forums mission, and to engage in a more active dialogue with recipient countries, relevant international institutions, policy makers, academia, and the private sector, according to the forum.
The IFSWF was established in 2009 by the International Working Group of Sovereign Wealth Funds (IWG). It is a voluntary group of sovereign wealth funds (SWFs), which will meet, exchange views on issues of common interest, and facilitate an understanding of the Santiago Principles and SWF activities."