Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained fall in oil prices.
The foreign reserves of the Saudi Arabian Monetary Agency have dropped by nearly $73bn since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen.
Several asset managers were hit this month by redemptions, which came on top of an initial round of withdrawals this year, people aware of the matter said.
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