Qatar Fund Opens NYC Office Targeting $35B US Investment

One of the Middle East’s largest sovereign wealth funds has opened its first US office, citing a $35 billion investment in the country.

The Qatar Investment Authority (QIA), which is estimated to have around $250 billion in assets, had announced its plans for a New York City base in April. These plans were expanded upon by tweets from the emirate’s ambassador to the city on Sunday.

“Honored to join opening of Qatar Investment Authority’s office in NY which the Amir entrusted to vanguard our economic cooperation [with] the US,” tweeted Mohammed Al Kuwari.

His comments outlined plans by one of the world’s smallest nations to invest in the largest economy on the planet.

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“Qatar aims to invest $35 billion over the next five years in various sectors of the US economy, creating many American jobs,” the ambassador said.

“We believe in the economy of this country and the future of this country.”—Sheikh Tamim Bin Hamad Al ThaniDespite other wealth funds from the Middle East operating international offices, Qatar has become one of the few to announce its expansion and intent.

In a visit to the White House after a meeting with President Obama in February, Amir of Qatar Sheikh Tamim Bin Hamad Al Thani stressed the economic relationship between the two nations.

“We are investing in this country,” said the Amir. “We believe in the economy of this country and the future of this country.”

According to the QIA website, the fund holds a broadly diversified portfolio and invests in a range of liquid and illiquid securities. The fund operates direct and indirect investment teams and cites the majority of its assets as being invested outside Qatar.

“QIA office is expected to operate across many sectors of the US economy in a manner that reflects our common values,” concluded the ambassador’s tweets.

Graduates from the University of Pennsylvania make the best asset managers, according to a new report from eVestment.

The investment research firm broke down employment trends in asset management, including which universities have the most alumni working as key professionals at fund managers.

The study revealed Ivy League graduates dominate the asset management field, with the University of Pennsylvania topping the list of schools for producing talent.

Rounding out the top five were Harvard University, Columbia University, the University of Chicago, and New York University.

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The University of California, Los Angeles was the best public school for asset management, ranking 11th on the overall list.

The report looked at both undergraduate and graduate alumni. Although the University of Pennsylvania produced the most asset managers overall, the University of Chicago’s Booth School of Business ranked highest for MBA graduates working in asset management.

Of the asset management professionals included in the study, 39.6% held only a bachelor’s degree, while 38.9% had earned MBAs.

The report also found that the average asset management professional had 19.3 years of relevant work experience. Nearly 14%, meanwhile, had not worked in the industry long enough to experience a Fed rate hike. best schools Source: eVestment