LONDON: Sovereign wealth funds from oil-producing countries mainly in the Middle East and Africa are on course to dump up to US$225bil in equities, a senior banker estimates, as plummeting oil prices and the coronavirus pandemic hit state finances.
The rapid spread of the virus has ravaged the global economy, sending markets into a tailspin and costing both oil and non-oil based sovereign wealth funds around US$1 trillion in equity losses, according to JPMorgan strategist Nikolaos Panigirtzoglou.
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