Heads of sovereign wealth funds which control three trillion dollars of assets opened a meeting in Kuwait on Sunday with a call for coordination in the face of the global economic meltdown.
"This crisis places an extra pressure on our group to have increased coordination and greater cooperation," Bader al-Saad, managing director of Kuwait's sovereign fund, Kuwait Investment Authority, said at the opening session.
Sovereign wealth funds bought stakes in many big banks including UBS, Citigroup and Merrill Lynch to help bale them out during last year's credit crunch but the funds' overall values have plunged amid sharp falls in stock market indexes.
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