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Daily Wealth Letter from The Wealth Forums

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Ian Brodie

Ian Brodie

Daily Wealth letter

a daily synopsis of the wealth news that’s most relevant, timely and dependable

Compiled and edited by Ian Brodie of The Wealth Forums (www.thewealthforums.com)

NUMBER 241  TUESDAY,  JUNE 28,  2016

UAE orders funds merger

A top United Arab Emirates official ordered the merger of two prominent government wealth funds on Wednesday, streamlining the country’s investment strategy as it weathers a slump in oil prices. READ MORE: http://thewealthforums.com/2016/06/29/uae-orders-funds-merger/

‘Due what?’ asked Libyan fund chief

The Libyan wealth fund’s former deputy chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives trades made on the bank’s advice that ultimately turned out to be worthless, a witness told a court on Tuesday. READ MORE: http://thewealthforums.com/2016/06/29/due-what-asked-libyan-fund-chief/

Asset managers hit by oil funds drought

Sovereign wealth funds continue to pull money out of investments with global asset managers, reports Attracta Mooney at the Financial Times. SWFs, government-owned investment pools, sopped up petrodollars when oil prices were north of $100 a barrel. In turn, this money was pumped money into funds run by the world’s biggest asset managers.  READ MORE: http://thewealthforums.com/2016/06/29/asset-managers-hit-by-oil-funds-drought/

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The Wealth Letter is published every business day by The Wealth Forums: www.thewealthforums.com

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