| According to a report published by the Financial Times on Sunday, the rate at which Gulf sovereign wealth funds have redeemed their money from asset managers has increased to a record high. The primary factor driving this massive pull-out has been declining oil prices that are hurting the economies of Gulf countries and compelling their sovereign wealth funds to redirect cash to support their economies.
According to the data provider eVestment, the total amount of money withdrawn from asset managers amounts to $19 billion in the third quarter, which hurts the managers’ assets under management (AUM) and causes concerns about their short term profitability...............................................Full Article: Source |