At The Deal's Fifth Annual Private Capital Symposium, Gary Parr, vice chairman at Lazard Ltd., spoke about the rise of sovereign wealth funds.
In this clip, Parr explains why sovereign wealth funds are on the rise. "There are two real causes. One is the price of oil...The second is our trade deficit," he said.
Parr also mentions the resistance to sovereign wealth funds, and also where most of these funds invest in.
"Roughly 80% of sovereign wealth funds invested in financial institutions in 2007. Of those 80% of investments in financial institutions, 50% are in securities firms... and most were in western banks," he added.
For more on this conference:
See: Private Capital Symposium
