The last paragraph of this Trading Markets article had a reference to a new agreement between the Korea Investment Corporation and the Kuwait Investment Authority:
“Last week, KIC signed a preliminary deal with the Kuwait Investment Authority, Kuwait’s sovereign wealth fund, to seek increased mutual investment.”
This follows the agreements the KIC made with Australian and Malaysian funds in June, and is yet more evidence that SWFs will be working together at an increasing rate. SWF collaboration has become a common theme on this blog…perhaps to the annoyance of readers.
Nonetheless, I still think it important, as it’s a sign that SWFs are maturing as investors. Combined with the fact that SWFs demand more attention from asset managers for education / knowledge transfer and have actually been acquiring considerable human capital thanks to consolidation in the asset management industry (see report), I view SWFs as increasingly focused on improving their capacity to invest wisely. This is a good thing.
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