Top Abu Dhabi Wealth Fund ADIA Closes Latin America Equities Team - Bloomberg
The Abu Dhabi Investment Authority has shut down a team investing in Latin American equities, as part of efforts to focus on higher-growth areas, according to people familiar with the matter.
ADIA, the world’s third-largest sovereign wealth fund, made the decision to terminate the internally-managed Latin America mandate at the end of March, the people said. The move affects seven portfolio managers, two of whom will stay on at ADIA in different roles, the people said.
Abu Dhabi’s rainy-day fund still retains some of its Latin America public equities exposure but through externally-managed mandates that also include Mexico and the Andean region, the people said, asking not to be named because the information is confidential.
ADIA declined to comment.
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