The
Kuwait Investment Authority is replacing its long-standing managing director
Bader Al-Saad with the sovereign wealth fund's head of alternative investments,
according to a person familiar with the matter.
Bader
Al-Saad is stepping down after running the KIA--one of the world's oldest and
largest sovereign wealth funds--since 2003, but will remain on the fund's
board, the person said. He will be replaced by Farouk Bastaki, who
is part of KIA's executive management team and oversees alternative
investments.
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