New York (HedgeCo.net) – Gulf-based investors have been selling their holdings in banks, following the recent period of strong share price performance throughout this year’s stock market rally, the Telegraph reports. Hedge fund investor Sheikh Mansour Bin Zayed Al-Nahyan, the owner of Manchester City Football Club and a member of the Abu Dhabi Royal Family, sold 1.3 billion Barclays shares this year.
On Sunday, Kuwait’s sovereign wealth fund (KIA) made a profit of $1.1 billion or a 37% return on its initial investment from the sale of its stake in Citigroup Inc, KIA said in a statement. As the latest Gulf investor to sell foreign shares as markets improve, KIA transferred the preferred stock it owned in Citigroup to common shares and sold all of them for $4.1 billion.
Investors are worried that KIA may sell some of its other equity investments, KIA has an almost 7% take in German car manufacturer Daimler. KIA is also one of the largest shareholders in London-listed BP, with a 1.7% stake, the Telegraph reports.
Alex Akesson
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