Kuwait Pension Fund Posts Record First-Quarter Investment Profit - Bloomberg:
Kuwait’s Public Institution for Social Security posted a record first-quarter investment profit following a reboot of its strategy as the pension fund put behind a corruption scandal involving a previous manager.
The fund, which owns 25% of U.S. private equity firm Stone Point Capital LLC, had an investment profit of $7.3 billion in the three months through June, it said in a statement. That compares with about $4.4 billion for the fiscal year through March 2019, when it last released data.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades.
The performance is “undoubtedly a turning point” for the institution, which is “reaping the fruits” of its new investment strategy, Raed Al-Nisf, deputy general manager for investments and operations, said in the statement.
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