Sovereign wealth funds grow to $3.3 trillion - report

NEW YORK (CNNMoney.com) -- Assets managed by sovereign wealth funds worldwide grew 18% last year to $3.3 trillion, the Financial Times reported Monday, citing a London think-tank.

The funds benefited from a run-up in commodity prices and an increase in the foreign exchange reserves of some Asian countries, the report said. The research suggests that by 2015, the funds will oversee more than $10 trillion in assets.

The data comes as bankers, regulators and sovereign wealth funds met in London to discuss policies and build trust to encourage the funds to invest outside their countries of origin, the FT said.

Many of the largest funds are controlled by oil-rich countries like Norway and Gulf states. Asian countries such as Singapore and China, whose trade surpluses have built up big foreign exchange reserves, also oversee big sovereign funds, the FT said.

Sovereign wealth funds have played an increasingly important role in the U.S. financial system. The funds have invested more than $60 billion in U.S. and Swiss banks since the subprime crisis began to unfold last summer, the FT said.