Kuwait pension fund assets hit record USD 20.9 bln in Q1

– Kuwait’s Public Institution for Social Security’s (PIFSS) assets rose to KD 6.3 billion (USD 20.9 billion) in March, the highest figure in the pension fund’s history, driven by the financial market’s robust performance last year.

The gain in assets amounted to a 20.9 percent increase from last year’s figure, subsequently ratcheting up investment by 16.5 percent, PIFSS Director General Mishal Al-Othman said in a statement.

He attributed the pension fund’s “record gains” to the diligence of a national workforce that is “committed to sustainable and long-term growth,” which includes proper asset management, added the official.

The fund’s investment sector was propped up by the “global financial market’s solid performance last year,” according to its deputy chief for investment affairs Raed Al-Nisf, who predicted “fluctuations” in the global stock market for the foreseeable future.

The fund “routinely updates” its plans and strategies to keep investment growth steady, “based on the latest developments in the global stock market,” he added.

Source: Kuwait News Agency