7th Dec 2015 11:34
LONDON (Alliance News) - Asset managers have been hit by big withdrawals by sovereign wealth funds among the oil producers in the Gulf region, according to a Financial Times report on Sunday.
The FT said the rate at which sovereign wealth funds have withdrawn money from asset managers is the fastest on record.
At least USD19 billion was withdrawn by state institutions during the third quarter, the FT reported, citing data provider eVestment.
The report said that oil-dependent states have been forced to look to their investments due the slump in the price of oil since mid-2014.
http://www.ft.com/cms/s/0/934f6f1c-9aab-11e5-be4f-0abd1978acaa.html#axzz3tdG80yhK
Aberdeen Asset Management PLC, a FTSE 100 emerging markets asset manager, last week said it had been hit by sovereign wealth funds withdrawing money from its funds.
"It could be a difficult 2016 if oil prices remain at the USD45 to USD50 mark," Gilbert told journalists on a conference call.
By Samuel Agini; [email protected]; @samuelagini
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