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The bailout, in which Doha played no part and first learned about in the media, has prompted a rethink of how the gas-rich kingdom invests money abroad via its giant sovereign wealth fund, two sources with knowledge of the matter told Reuters. The country has decided that the Qatar Investment Authority (QIA) will aim to avoid putting money in funds or other investment vehicles it does not have full control over, according to the sources, who are familiar with the QIA’s strategy. “Qatar started looking into how its name got involved into the deal and found out it was because of a fund it co-owned,” said one of the sources. “So QIA ultimately triggered a strategy revamp.”.

A QIA spokesman said: “QIA had absolutely no involvement in the 666 Fifth Avenue development and the claims about QIA’s investment strategy are not true, There has been no change in investment strategy with regards to taking majority control.”, The QIA did not address other detailed questions from Reuters including about its future investments via funds and any desire to have more control over those money flows, Canada’s Brookfield los angeles lakers cufflinks Asset Management Inc bailed out 666 Fifth Avenue via its real estate unit Brookfield Property Partners, in which the QIA acquired a 9 percent stake five years ago, Both parent and unit declined to comment..

The QIA’s strategic shift was made late last year, according to the sources. It offers a rare insight into the thinking of one of the world’s most secretive sovereign wealth funds. The revamp could have significant implications for the global investment scene because the QIA is one of the world’s largest state investors, with more than $320 billion under management. The wealth fund has poured money into the West over the past decade, including rescuing British and Swiss banks during the 2008 financial crisis and investing in landmarks like New York’s Plaza Hotel and the Savoy Hotel and Harrods store in London.

Kushner was chief executive of Kushner Companies when it acquired 666 Fifth Avenue in 2007 for $1.8 billion, a record at the time for a Manhattan office building, It has been a drag on his family’s real estate company ever since, The debt-laden skyscraper was bailed out by Brookfield last August, when it took los angeles lakers cufflinks a 99-year lease on the property, paying the rent for 99 years upfront, Financial terms were not disclosed, The QIA bought a 9 percent stake in Brookfield Property Partners, which is known as BPY and is listed in Toronto and New York, for $1.8 billion in 2014..

BPY has about $87 billion in assets, part of more than $330 billion managed by its parent Brookfield. The stake purchase by QIA was in line with its strategy to boost investments in prime U.S. property. The investment gave QIA no seat on the board of BPY. The Qatari wealth fund was not involved in the 666 Fifth Avenue deal, a source close to Brookfield Asset Management told Reuters. There was no requirement for Brookfield to inform the QIA beforehand. The rescue rankled with Doha, according to the two sources familiar with the QIA’s strategy, because Kushner - married to U.S. President Trump’s daughter Ivanka - had long been one of the key supporters in Washington of the Saudi crown prince, who is the king’s favorite son and heir to the throne.

Prince Mohammed was a prime mover in leading regional states to severing links with its neighbor Qatar and embargoing the small nation since mid-2017, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain accuse Qatar of sponsoring terrorism, Doha denies the allegation and says the other countries simply want to strip it of its sovereignty, “There is no upside in investing through funds for someone like QIA, los angeles lakers cufflinks Qatar wants full visibility into where its money goes,” said the second source familiar with the QIA’s strategy..

He added that one of the reasons for Doha’s concerns about the deal was that it might have been seen as an attempt by Qatar to influence the Trump administration, which was not the case. The QIA will not wind down existing investments with Brookfield or others, but will rather no longer invest in similar deals, according to the two sources. The source close to Brookfield said relations with the QIA were still strong. The QIA’s strategic revamp also followed a reshuffle at the top of the fund last November when its long-serving chief, Sheikh Abdullah bin Mohamed bin Saud al-Thani, was replaced by its former head of risk management, Mansour Ibrahim al-Mahmoud. Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani was named QIA chairman.

Qatar, whose wealth comes from the world’s largest exports of liquefied gas, does not provide data on how much money it places with external fund managers, “What we have seen lately is that it has have not been placing much,” said a Western fund manager who regularly sources money from wealth funds, “Either they are investing themselves or they are just sitting on a lot of cash.”, The Qatar shift in its approach reflects a wider trend among sovereign wealth funds to reduce reliance on external investment managers, los angeles lakers cufflinks in an attempt to keep tighter control over their money..

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