Kuwait Investment Authority has sold $6.5 billion worth of financial services firms’ stock in the past week.
The world’s oldest sovereign wealth fund sold $3.1 billion in Bank of America stock and $3.4 billion of its stake in Hong Kong-based insurer AIA Group, according to Bloomberg.
KIA’s new leader Sheikh Saoud Salem Al-Sabah has already made waves on Wall Street by recently sounding a warning on the private equity industry, calling it “very troubled.” With about $1 trillion of investments around the world, finance executives are eagerly watching to see if there’s more churn to come in KIA’s portfolio as Sheikh Saoud looks to position the fund for the future.
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