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City of London

UK Chief’s Ouster Exposes Clash at $769 Billion Kuwait Fund

  • Kuwait wealth fund abruptly replaced London boss last week
  • Saleh Al-Ateeqi had been seeking to shake up key unit of KIA
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The abrupt departure of a key executive at the $769 billion Kuwait Investment Authority was triggered by an internal feud, a spat that’s offering a rare public glimpse into the workings of the secretive fund.

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.