- Bonus Bloodbath: Europe Banker Backlash Continues
- US Trade Deficit Swells to $48.8 Billion on China Gap
- Stocks Looking Past Europe for a New Driver of the Rally
- SEC Reaches Settlement in Bear Stearns Fraud Case
- Israel Likely to Bomb Iran This Year: Political Analyst
- EU Agrees Rules for $700 Trillion Derivatives Market
- The World's Best Beers
- Rep. Bachus Faces Insider Trading Probe: Report
- In Europe, Stagnation as a Way of Life
- Bank of America’s Worst-Case Scenario Gets More Real
- Tesla Unveils First SUV: Model X
- New York Fashion Week Hits the Runway as Colors Pop
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- LinkedIn Earnings Bode Well for Hiring and Social Media
- Top Five Mistakes to Avoid in Online Dating
- Victor Cruz ‘Understands’ Gisele's Super Bowl Frustrations
- Tamminen: The United States of India
- Unusual Volume: Taleo Jumps After Oracle's $1.9 Billion Offer
MOST SHARED
- Criminal Probe Trail Going Cold at MF Global
- Global Markets Update: Markets Soften After Failure to Clinch Greek Deal
- Israel Likely to Bomb Iran This Year: Political Analyst
- Bank of America’s Worst-Case Scenario Gets More Real
- EU Agrees Rules for $700 Trillion Derivatives Market
- Stocks Seen Lower; Greek Debt Hurdles Remain
- CPAC 2012: Energized or Demoralized?
- Greek Aid Deal 'Much Better' Than Euro Exit: Summers
- Global Markets Update: European Markets Follow Asia Lower
- Greeks on Strike as the Second Bailout Is in Limbo
MOST POPULAR
HOT ON FACEBOOK
Qatar Fund Sees Opportunities in US Banks
Text Size 
The $60 billion Qatar Investment Authority said on Monday it saw "tremendous opportunities" for sovereign wealth funds like itself to invest in U.S. financial-services firms battered by a mortgage market crisis.
The Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, agreed to invest $7.5 billion in Citigroup [C
Loading...
()
] last month, with the U.S. bank facing more than $17 billion in second-half writedowns from credit market losses.
"There are tremendous opportunities for sovereign wealth groups which can react quickly and confidentially," Kenneth Chen, head of strategic and private equity at Qatar Investment Authority, said on Monday.
"The financial institutions sector should be one that investors should be looking at," Shen told reporters in Dubai on the sidelines of a private equity conference.
The U.S. property crisis is "the worst in 20 to 25 years," Shen said, declining to be more specific about any QIA interest. "2008 is going to be an interesting year," he said.
The influence and size of sovereign wealth funds, the top 20 of which control about $2 trillion of assets, will "continue to grow, and perhaps anxiety associated with that will grow as well," Shen said.
Those concerns should ease as funds like Abu Dhabi Investment Authority buy more into financial institutions like Citigroup because they take a long-term view and do not necessarily seek control, Shen said. "Control is not necessarily a must," he said.
The funds could also join with private equity firms to make acquisitions, Shen said.
- How much did the Facebook founder pay for other shareholders' voting rights? Not a heck of a lot, says the NY Times.
- Here’s a look at Westminster Kennel Club’s most successful breeds and how much they cost.
- The oft-mentioned jobs "miracle" in European economic powerhouse Germany has a dark side that's largely escaped comment.
- When looking for that next career move, workers need to look at the differences between a start-up and a public firm.
- After enduring the recession, many Baby Boomers say money isn’t the most important thing they hope to leave to their kids.
- The ‘Fast Money’ traders weigh in on fashion related stocks from apparel to footwear to accessories and fragrances.
Data is a real-time snapshot *Data is delayed at least 15 minutes
