Invesco Losing Ground with Sovereign Funds

A number of prominent Western asset managers have lost ground with Gulf sovereign funds, partly over performance and partly due to the prolonged “low” price of oil. Sovereign funds in the Gulf have been sensitive about potential allocations due to future cash withdrawals. In addition, large cash-rich Gulf sovereign funds are looking for external fund managers which can offer niche strategies and styles. For example, the Abu Dhabi Investment Authority (ADIA) manages a wide number of listed equity strategies internally such as U.S. value and U.S. growth, or have attempted to replicate these styles through passive indices.

A clear sign of some asset managers giving up on sovereign funds is either removing sovereign fund sales positions or moving people to other roles. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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