08.12.2015 - Sovereign Wealth Funds pull money from asset managers at record pace
The drop in commodity prices forced sovereign wealth funds to raid their piggy banks, by dipping into their funds at asset managers at a record pace. The likes of Aberdeen Asset Management, Northern Trust, Franklin Resources and Old Mutual Asset Management were among the firms affected. Persian Gulf-based SWFs yanked out at least $19bn in funds in the third quarter – a record pace – according to data from eVestment cited by the Financial Times. Given that some fund managers do not disclose their data the real figures might me much higher. According to one estimate, Blackrock, the world’s largest fund management firm, lost a combined $31bn in the second and third quarters...............................................Full Article: Source
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