The KIA last week removed the head of its London arm, Saleh Al-Ateeqi. In question is whether Al-Ateeqi was a reformer looking to modernize the direct investing arm of Kuwait’s wealth fund, or an executive who fueled a toxic culture that led to departures and lawsuits, according to people with direct knowledge of the dispute.
Al-Ateeqi’s removal highlights internal divisions within the Kuwaiti fund that risk spilling out into the public domain. Such spats are unusual in the Middle East, where sovereign funds -- key tools for oil-rich states to diversify their economies -- operate in secrecy at the highest ranks of society. Some have tried to modernize, with Mubadala, Qatar Investment Authority and Abu Dhabi Investment Authority among entities who’ve revamped their approach to investing.
A former McKinsey & Co. partner, Al-Ateeqi was hired in 2018 to modernize the Kuwait Investment Office, or KIO as the London branch is known. Unlike its parent, the KIO mainly invests directly, predominantly in public equities and fixed income. It wasn’t immediately clear if his ouster would lead to a change in strategy.
A representative for Al-Ateeqi declined to comment. The Kuwait Investment Authority wasn’t immediately available for comment.
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