A shift in focus from global to local investments by the big Gulf sovereign wealth funds after the Arab Spring is set to step up competition among Western governments, asset managers and companies hoping for some of their cash, a study by U.S. fund manager Invesco Ltd showed.
"Western governments, including the U.K., have approached SWFs (the funds) from the Middle East to help with economic recovery, but many will fight a losing battle," Nick Tolchard, head of Invesco Middle East told reporters at a conference in Dubai.
"There is certainly less money to invest internationally so the stakes are higher."
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