Kuwait pension fund assets hit record $23.1b in Q1

Kuwait pension fund assets hit record $23.1b in Q1

KUWAIT: Kuwait's Public Institution for Social Security's (PIFSS) assets rose to $23.1 billion in March, the highest figure in the pension fund's history, driven by the financial market's robust performance last year. The gain in assets amounted to a 20.9 percent increase from last year's figure, subsequently ratcheting up investment by 16.5 percent, PIFSS Director General Mishal Al-Othman said in a statement.

He attributed the pension fund's "record gains“ to the diligence of a national workforce that is "committed to sustainable and long-term growth,“ which includes proper asset management, added the official.

The fund's investment sector was propped up by the "global financial market's solid performance last year,“ according to its deputy chief for investment affairs Raed Al-Nisf, who predicted "fluctuations“ in the global stock market for the foreseeable future. The fund "routinely updates“ its plans and strategies to keep investment growth steady, "based on the latest developments in the global stock market,“ he added. - KUNA