DUBAI (Reuters) – Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, which bought into Citigroup will slash its hedge fund investments and increase holdings in index funds, according to a report.
ADIA increasingly favours passive investments such as funds that track the performance of a specific stock index over actively managed funds, which frequently fail to measure up, said BusinessWeek, quoting ADIA, in an article on its website.
ADIA has halved the number of hedge funds in its portfolio, the article said.
