Saudi Arabia withdraws overseas funds: "Since the third quarter of 2014, Sama's reserves held in foreign securities have declined by $71bn, accounting for almost all of the $72.8 billion reduction in overall overseas assets.
Other industry executives estimate that Sama has withdrawn even more than $70 billion from existing managers.
While some of this cash has been used to fund the deficit, these executives say the central bank is also seeking to reinvest into less risky, more liquid products.
"They are not comfortable with their exposure to global equities," said another manager.
Fund managers with strong ties to Gulf sovereign wealth funds, such as BlackRock, Franklin Templeton and Legal & General, have received redemption notices, according to people aware of the matter."
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