March 2025
19Mar

Kuwait pension fund’s $1 billion corruption lawsuit begins in UK court

Kuwait's public pension fund accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a year-long $1 billion trial began at London's High Court on Monday. The Public Institution for Social Security (PIFSS), which operates Kuwait's social security and pension scheme, is suing the estate of Fahad Al Rajaan, its director from 1984 to 2014. Al Rajaan was in 2016 convicted in his absence of corruption and embezzling public money in Kuwait and died in...

March 19, 2025
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September 2022
26Sep

Officials Quit $137 Billion Pension Fund in Kuwait Shakeup

A broad shakeup of state institutions deepened in Kuwait after top officials in the Gulf state’s pension fund were asked to resign. Director General Meshal Al-Othman and three of his deputies, including Raed Al-Nisf, were asked to quit Kuwait’s Public Institution for Social Security (PIFSS). The officials had spent years revamping the roughly $137 billion fund, which owns a quarter of US private equity firm Stone Point Capital LLC. The shift comes ahead of parliamentary elections in the OPEC member state...

September 26, 2022
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June 2021
24Jun

Kuwait’s $134 Billion Pension Fund Has Record Gain in Turnaround

Kuwait’s Public Institution for Social Security had its best ever annual performance, emerging as a new regional investment powerhouse despite political deadlock in the country. The $134 billion pension fund, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, recorded 20.9% growth in assets in the year ended March 31, according to a statement on Wednesday. A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was...

June 24, 2021
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November 2020

12Nov

Kuwait’s $124bn pension fund plans infrastructure boost

Kuwait’s $124bn pension fund, which posted a record first-half profit, plans to double its infrastructure investment and boost exposure to private equity, its director general said. The new plan, developed with US-based consultancy Mercer, will start next year and will “entail increasing infrastructure from 5 per cent to 10 per cent as well as fine tuning some of the other allocations,” Meshal Al-Othman, who heads the Public Institution for Social Security, said in an interview with Bloomberg TV on...

November 12, 2020
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