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Wednesday, 18 January 2017

Kuwaiti Wealth Fund May Pull Billions From External Managers - Bloomberg

Kuwaiti Wealth Fund May Pull Billions From External Managers - Bloomberg:

"Kuwait Investment Authority is planning to manage more of its own assets as the world’s fifth-largest sovereign wealth fund seeks to take more risk to boost returns. The KIA, as the fund is known, wants to increase the allocation of funds managed in-house to as much as 8 percent from 1 or 2 percent at present, Managing Director Bader Al Saad said in an interview with Bloomberg Television on Wednesday at the World Economic Forum in Davos, Switzerland. The KIA has $592 billion of assets, according to the Sovereign Wealth Fund Institute, meaning $35 billion could be withdrawn from external managers. “Why do I have to pay extra fees for less return?” he said. The shift translates into “a big lump sum but it’s small compared to the core portfolio,” Al Saad said."



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