| Sovereign wealth funds have pulled billions of dollars from asset managers for the seventh consecutive quarter, piling further pressure on an industry battling falling profits and disappointing performance.
State-backed funds, which countries use to save for a rainy day or to provide money for future generations, withdrew at least $8.8bn from fund houses during the first quarter of this year. The redemptions follow record outflows last year, when state funds collectively withdrew at least $46.5bn from asset managers as the price of oil collapsed and governments raided state funds to prop up their economies...............................................Full Article: Source
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