Iceland’s new wealth fund is up for grabs for outside managers
An Icelandic wealth fund would have been unthinkable just a decade ago. But as the nation dismantles the last vestiges of its capital controls, the coalition that steers Iceland has now proposed amassing a fund of as much as ISK 300bn (EUR 2.2bn), equal to about EUR 6,200 per Icelander.
Bloomberg/Ragnhildur Sigurdardottir
A new Icelandic wealth fund is a testament to volanic countriy’s success -- and hard work -- in steering its way out of the financial ruin that hit in 2008. Largely out of necessity, politicians unveiled a string of policies that were as controversial as they were successful, including trapping foreign investors, nationalizing banks and writing off consumer debt.
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