The Kuwait Investment Authority, one of the world’s largest sovereign wealth funds, is poised to name Farouk Bastaki as managing director, according to media reports.
Bastaki will replace in April Bader Al-Saad, who led the fund for 14 years, according to the Financial Times, which said Monday that the move was first reported by Kuwaiti newspaper Al Rai. Al-Saad will remain on the sovereign wealth fund’s board of directors.
KIA could not be immediately reached for comment.
Bastaki currently serves as KIA’s executive director for alternative investments, the fund’s website shows.
KIA had $592 billion of assets in June 2016, according to the Sovereign Wealth Fund Institute. Its roots go back to the Kuwait Investment Board, which was created in 1953, according to KIA’s website, which says the General Reserve Fund and Future Generations Fund are among the investment pools that it manages.
