World’s oldest wealth fund swells to record and cracks the top 3

World’s oldest wealth fund swells to record and cracks the top 3

Kuwait Investment Authority likely broke into the world's top three sovereign wealth funds by assets. The Future Generations Fund, managed by the authority known as KIA, has risen to a record of about $700bn, according to a person with knowledge of the matter. Its assets were valued at around $670bn at the close of the last fiscal year on March 31, the person said, asking not to be named discussing confidential information. The fund, a national savings pot designed to help the country prepare for life after oil, has more than half of its investments in the US, where equity markets have been on a tear. The benchmark S&P 500 Index surged more than 8 per cent last quarter, its fifth consecutive three-monthly gain, while the MSCI World Index gained more than 7 per cent. KIA, the world's oldest sovereign wealth fund whose roots predate the birth of the modern state of Kuwait, doesn't officially disclose the value of its assets. KIA officials couldn't immediately be reached for comment. The increase would mean that the KIA, which also manages the nation's General Reserve Fund, has amassed more assets than Abu Dhabi Investment Authority, the emirate's rainy-day fund, which is estimated