Sovereign wealth funds? Affect on macro economics?

[Lee Common]

The California Public Mega Authority Fund

Some countries have multiple sovereign wealth funds. Some states have multiple public pension funds. Does it make sense to consolidate these governmental investment authorities to achieve greater economies of scale and be more cost effective?

http://www.swfinstitute.org/swf-article/ca-mega-fund/

http://www.swfinstitute.org/