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/
‘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/
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/
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