Kuwait Investment Authority (KIA) invested about $750 million in US asset manager BlackRock last year, and eyes investments in Asia and Latin America in 2010, KIA's managing director told Al Arabiya TV. Saad also said that he still expected KIA to make a profit on its $2 billion investment in Bank of America, despite a current loss of between 30-40 percent on the investment.
Kuwait's sovereign wealth fund, which manages state assets in the world's fourth-biggest oil exporter, has come under fire from some parliamentarians for investing $5 billion in Citigroup and Merrill Lynch. Merrill Lynch has since been bought by Bank of America. In December, KIA sold its $3 billion stake in Citigroup Inc for a profit of $1.1 billion.