Qatar's sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100 billion of investments in local companies into a new unit, people with knowledge of the matter said.
About $100 billion of the Qatar Investment Authority's stakes in companies such as Qatar Airways and Qatar National Bank SAQ will be placed into the new internal division named Qatar Investments, the people said, asking not to be identified because the information is private. The fund is seeking to bring greater oversight by having a single person in charge, the people said. Ahmed Al-Rumaihi, a former Qatari diplomat in the U.S., will head the unit, they said.
The Qatar Holding name, under which the emirate gained an international profile after investing in companies ranging from Glencore PLC to Barclays PLC, will now be replaced by the QIA name on international investments, the people said. The country isn't planning to allocate any new money to the QIA this year or withdraw funds and has asked it to rely on asset sales or dividend income for new investments, one of the people said.
The QIA declined to comment, while calls to Mr. Al-Rumaihi's cell phone weren't answered.
The changes are among the biggest initiatives undertaken by the fund since royal family member Sheikh Abdulla bin Mohamed bin Saud Al Thani was appointed CEO in 2014. Under Sheikh Abdulla, the fund is boosting its focus on Asia and the U.S. as it seeks to diversify the geographic location of its assets.
The fund is also other hiring senior executives amid the changes, according to the people. Phil Dunne, former chief financial officer at Citigroup Alternative Investments, recently joined as CFO, the people said, while Ole Christian Froseth is the new head of fixed income. The QIA also recruited Darren Winstone from the Abu Dhabi Investment Authority as its new of head of passive investments in April, a unit which seeks to invest through external fund managers, they said.
The Qatari fund, with more than $250 billion of assets according to the Sovereign Wealth Fund Institute, said last year it's planning to invest $35 billion in the U.S. over the next five years as it opened an office in New York.