YOou could have the City AND a sovereign wealth fund. It's not like they are mutually exclusive choices. The rise of the City was more to do with loosened regu

YOou could have the City AND a sovereign wealth fund. It's not like they are mutually exclusive choices. The rise of the City was more to do with loosened regulations, privatization and the leveraging of historical factors like trade links and banking presence globally than anything else AFAIK