Assets under management held in sovereign wealth and public pension funds reached a record $31.9 trillion due to strong returns from American stock markets and rising oil prices as global economies recover from pandemic-era lockdowns. Sovereign wealth funds (SWF) grew 6 percent from $9.9 trillion in 2020 to $10.5 trillion last year, passing the $10 trillion mark for the first time in history, according to a recent report by industry specialist Global SWF. Assets managed by public pension funds (PPF) increased over 9 percent from $19.6 trillion to $21.4 trillion in 2021. “In the 21 months to the end of 2021, the S&P500 has more than doubled, the Dow Jones Industrial Average grew 90 percent, and the S&P 1,200 Global Index was up 86 percent. And, for better or for worse, sovereign wealth funds and public pension funds still have a very significant exposure to American stocks—which has allowed most …