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14h ago
, Bloomberg News
Skyscrapers in the Canary Wharf business, shopping and financial district on the skyline in London, U.K., on Monday, March 21, 2022. The U.K. is expanding the Financial Conduct Authority’s powers in a package of post-Brexit changes to the way it regulates the City of London. , Bloomberg
(Bloomberg) —
The controversial removal last month of the head of the London office of Kuwait’s sovereign wealth fund is being investigated, the Kuwait Investment Authority said on Sunday.
Saleh Al-Ateeqi, who was hired in 2018 to modernize the UK branch known as the Kuwait Investment Office, was abruptly removed in July. That triggered heated local debate, mostly on social media, with some attributing his removal to local Kuwaiti politics rather than professional merit. Others have described it as a mismanaged HR issue that’s been politicized.
“The termination of the contract of the head of the KIO has its reasons and justifications that the KIA keeps to itself,” the authority said, in its first public comment on the matter. “Also, the whole issue is before special investigation committees, and before the public prosecution.”
The KIA, which manages the OPEC member’s $700 billion Future Generations Fund, rarely comments publicly on matters related to its investments or policies. A secretive organization once guarded from politics, it was last year caught in the crosshairs of a power struggle when political differences spilled over into disagreement over the make-up of the current board.
The board delay in 2021 signaled the dangers of the KIA becoming infiltrated by Kuwait’s dysfunctional politics. For decades, Kuwaiti governments, appointed by the ruling Al-Sabah family, and elected lawmakers have clashed, holding back efforts to diversify the economy and implement much needed reforms. The London office issue, however, is unlikely to affect strategy, which is set by the board.
UK Chief’s Ouster Exposes Clash at $769 Billion Kuwait Fund
Al-Ateeqi, who has filed a complaint with Kuwait’s public prosecutor against the country’s finance minister as well as the KIA’s managing director, increased KIO’s assets and sought to modernize the unit by hiring executives from Barclays Plc and Carlyle Group Inc. for roles including a chief investment officer and a head of strategy. According to the filing, Al-Ateeqi said authorities refused to dismiss an employee he suspected of leaking information which could have led to damaging the reputation of the KIO, a national economic asset.
The KIA, which also manages the country’s General Reserve Fund, or treasury, is the world’s oldest sovereign fund with stakes in ports, airports and power distribution systems around the world. The fund boosted its holdings of US assets when markets plunged in 2020, and the FGF reported returns of 33% for the year ended March 2021.
©2022 Bloomberg L.P.
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