Creating a monster

Funds that are under government control have grown rapidly in recent years, to the extent that the architects of these funds risk losing sight of why they were set up in the first place

At a time when the previously unimaginable is becoming an all-too-painful daily reality in today's global markets, other more insidious changes are also taking place under cover of the capital market carnage. In fact, these other changes are likely to have greater longer-term consequences than the current assault on the financial system.

Over the last few years, the amount of money managed by some form of government-created entity has simply skyrocketed, both in terms of size and number of