Reuters alone with news of Kuwait fund cutting stocks

Reuters was alone on Jan 26 with news that the Kuwait Investment Authority has cut exposure to global stock markets and shifted assets to cash, offering a rare insight into the secretive investment policy of the massive sovereign wealth fund. Reuters obtained a government report outlining recent investment moves by KIA. The report said KIA, hurt last year when it bought into U.S. banks such as Citibank before their stocks dived, had lowered the ratio of international equities in a key fund and moved assets instead to short-term cash funds since October. The story was widely quoted by Gulf Arab media.