Kuwait replaces wealth fund head after 14 years, Al Rai reports

Dubai: Kuwait Investment Authority (KIA) named Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world’s fifth-largest sovereign wealth fund for 14 years, Kuwait’s Al Rai newspaper reported on Monday. Al Saad will remain on the board of the KIA, as the fund is known, Al Rai said, citing officials it didn’t identify. Bastaki was formerly the fund’s executive director for alternative investments after joining in 1989, the newspaper said. In that role, he was responsible for private equity, hedge funds, real estate and the KIA’s representative office in China, according to the fund’s website.