ADIA sovereign fund says to adopt new rules quickly

ABU DHABI (Reuters) - The Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, will move swiftly to comply with voluntary principles agreed with the IMF and seek independent verification, a statement from ADIA said.

The International Working Group of Sovereign Wealth Funds (IWG) presented the 'Santiago Principles' to the IMF in Washington on Saturday.

The principles represent generally accepted principles and practices that reflect sovereign wealth funds' investment practices and objectives.

"To underline its commitment to full compliance, ADIA has established an inter-departmental committee to oversee compliance with the GAPP," a statement obtained by Reuters said.

"Furthermore, ADIA is analyzing the feasibility of establishing a mechanism that would provide independent verification of its compliance with the GAPP," the statement added.

The IWG was co-chaired by Hamad Al Hurr Al Suwaidi, Director of ADIA.

(Reporting by Stanley Carvalho; Editing by Thomas Atkins)