With private equity sitting on the sidelines, it is reassuring to see sovereign wealth funds starting to flex their muscles around the world. Dubai International Capital on Monday indicated a hunger for Asian assets, kicking off its shopping trip with a small stake in Sony Corp.

Oil exporters, including Norway, Russia and the Middle East, held up to $3,800bn in foreign financial assets through sovereign wealth funds, central banks and wealthy individuals at the end of 2006, according to the McKinsey Global Institute. Asian central banks, part of whose foreign exchange reserves have been split off into more actively managed vehicles, held a total of $3,100bn.