Why the World’s Oldest Sovereign Fund Is in Turmoil: QuickTake
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Kuwait’s sovereign wealth fund, the world’s oldest and one of the largest, has played a key role in preparing OPEC’s fourth-largest producer for a post-oil future and helping prop up the economy as it was battered by the pandemic. The $769 billion Kuwait Investment Authority is also a leading global investor, with holdings in BlackRock Inc. and Mercedes-Benz Group AG. In a rare move, it ousted the head of its London arm in July, sending shock waves through the normally sedate and secretive world of Gulf sovereign funds.