UAE orders funds merger
A top United Arab Emirates official ordered the merger of two prominent government wealth funds on Wednesday, streamlining the country’s investment strategy as it weathers a slump in oil prices. The decision by Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed Al Nahyan, will combine Mubadala Development Company and the International Petroleum Investment Company into […]
‘Due what,’ asked Libyan fund chief
The Libyan wealth fund’s former deputy chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives trades made on the bank’s advice that ultimately turned out to be worthless, a witness told a court on Tuesday. In a trial at London’s High Court, the Libyan Investment Authority (LIA) is trying to […]
Asset managers hit by oil funds drought
Sovereign wealth funds continue to pull money out of investments with global asset managers, reports Attracta Mooney at the Financial Times. SWFs, government-owned investment pools, sopped up petrodollars when oil prices were north of $100 a barrel. In turn, this money was pumped money into funds run by the world’s biggest asset managers. But after oil prices […]
UK big draw for black money post-Brexit
Switzerland as a haven for dirty money has long been a cherished picture painted by commentators in the Anglo-Saxon world. With Brexit a reality, the cliché may soon apply to London more than anywhere else, according to finews.asia. The U.K., Europe’s largest financial centre with the City as its heart has been most successful in […]
Opportunities for Swiss after brexit
While Switzerland has suffered a recent decline in popularity among the very wealthy as a centre for financial services, particularly private banking, Brexit is already changing perceptions of the one-time favourite… Reports are rife about major international banks slimming down their London operations and moving bankers, en masse, to Zurich and Geneva. Credit Suisse and […]