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The collapse in the oil price from mid-2014 led sovereign wealth funds (SWFs) in the Gulf to withdraw money from asset managers at the fastest rate on record as they rushed to shore up their economies.
Around $19bn was withdrawn by state institutions during just the third quarter alone of 2015, according to data provider eVestment.
Asset managers Aberdeen Asset Management, Northern Trust, Franklin Resources and Old Mutual all reported they were hit by redemptions from Gulf funds in 2015. Gulf SWFs also pulled money from the asset management arms of US banks State Street, JPMorgan, BNY Mellon and Goldman Sachs as well as US investment manager Invesco. (CONTINUED - 1992 WORDS)
DATA INSIDE THIS ARTICLE
|table||GCC SWF Assets ($Bn): Up 16% Over Last 3 Years Despite Oil Price Crash|