Sovereign Wealth Funds Pull $3.7B From Global Stock, Bond Markets In Q3
Sovereign wealth funds (SWFs) withdrew more money from global stock and bond markets in the third quarter of 2017, albeit at a slower pace with net outflows of $3.7 billion, data from research firm eVestment showed on Thursday.
This was down from the second quarter’s $7.7 billion of redemptions and the first quarter’s whopping $22.7 billion, but it still marked the 13th straight quarter of withdrawals.
Oil-backed sovereign funds have been under pressure since oil prices tumbled from their mid-2014 highs of $115 a barrel to below $30 a barrel in January 2016, forcing governments to dig into their coffers to fill budget gaps.
Oil prices have since stabilized and currently trade around $60 a barrel. Some of the worst-hit governments have also tapped global bond markets for cash, reli...