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1 April, 2016Euromoney, March 2016
Saudi Arabia’s plan for sweeping changes to its investment institutions is all the talk in the Gulf’s fund management industry. Among the possible moves is a new sovereign wealth fund – which raises the question, what happened to the old one?
Late last year, several international banks and consultants in the region were asked for suggestions on a new fund. One professional who was contacted tells Euromoney that the inquiry described a sovereign wealth fund, referring to taking state money and diversifying it beyond the energy sector. The request was apparently very open in its parameters: no size or timeframe was included, and it was not specified whether the fund should run through external mandates or direct investment.
“It was a request for ideas,” says a person familiar with the inquiry. “You could pretty much suggest anything.”
Whatever structure such a fund might take, the more interesting question is why Saudi would want such a vehicle, and why now.
Full article: http://www.euromoney.com/Article/3535022/BackIssue/95707/Saudi-Arabia-plans-institutional-fund-revamp
