Saudi Arabia Close To Setting Up A New Sovereign Wealth Fund [Reports]

Saudi Arabia is poised to set up a new sovereign wealth fund as its budget deficit hits a record high. Citing sources familiar with the matter, Reuters reports that the new sovereign wealth fund will ideally be up and running within 12 to 24 months. Saudi Arabia seeks proposals to set up a new SWF According to the Reuters report, the Saudi government sent out a “request for proposal” to investment banks and consultants late last year. The kingdom’s new sovereign wealth fund could change the way tens of billions of dollars are invested and impact some of the world’s leading asset managers,…