China Investment Corporation, the country’s sovereign wealth fund, has surpassed Norway’s Government Pension Fund Global to become the world’s largest sovereign wealth fund in terms of assets under management, according to data provider Preqin.
Over the past decade, global sovereign wealth funds have doubled their assets under management to $10.4 trillion by the end of the first quarter this year, with the fastest growth rates in Asia and the Middle East, Preqin said.
Asia’s sovereign wealth funds saw their asset under management stand at $4.3 trillion as of the end of the first three months.