Markets Kuwait said to relocate control of $7bn fund from London By Pramod Kumar September 23, 2022, 8:39 AM Supplied Kuwait Investment Authority will now oversee the satellite fund from its headquarters. Kuwait Investment Authority (KIA) is planning to move the management of a $7 billion fund from London back to its home country, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will now oversee the satellite fund from its Kuwaiti headquarters instead of the London-based Kuwait Investment Office. However, the fund will remain housed in the UK. The satellite fund invests in equities, which make up a small portion of the wealth fund’s assets. It has suffered heavy losses due to the level of risk taken, the Bloomberg report said. In July, the KIA ousted the head of its London office Saleh Al-Ateeqi, with Hussain Al-Halabi named as acting president and chief executive. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
