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World sovereign funds forum's HQ moves to make switch to London

LONDON--The International Forum of Sovereign Wealth Funds (IFSWF) announced on Wednesday that it is switching its headquarters from Washington to London.

“The decision further reinforces IFSWF's position as a significant global institution,” said the group, which represents the world's top sovereign wealth funds (SWFs).

Finance minister George Osborne welcomed the “great news,” saying it was a “vote of confidence” for the British economy.

“I am determined to secure the UK's position as a world class business and financial centre,” he added.

The minister said that the decision showed that London “is a leading global financial and professional services centre, and an ideal environment for international organisations.”

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