SEFs pull $18.4B from global markets in Q1

london — Sovereign wealth funds pulled $18.4 billion from global stock and bond markets in the first quarter of 2017, notwithstanding robust equity gains in this period, data from research firm eVestment showed on Thursday,

Oil-backed sovereign wealth funds (SWFs) have been under pressure since oil prices tumbled from their mid-2014 highs of $115 to around $52 a barrel, with governments tapping state funds to close budget gaps.

Global SWF assets effectively stalled at $6.59 trillion in the 12 months to March 2017, data from research firm Preqin showed in April, due to a combination of weak markets, low oil prices and shifts in government policy.—