沙特從全球資產管理大舉撤資 Saudis pull billions out of global asset managers to fund deficit

Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained fall in oil prices.

沙特阿拉伯已從全球資產管理公司撤資數百億美元。在油價持續下跌的背景下，這個石油儲量豐富的王國尋求削減不斷擴大的赤字，並減少對股市動盪的敞口。

The foreign reserves of the Saudi Arabian Monetary Agency have dropped by nearly $73bn since oil prices started to decline last year as the kingdom keeps spending to sustain the economy and fund its military campaign in Yemen.

自去年油價開始下跌以來，沙特貨幣署(SAMA)外匯儲備已下降近730億美元，原因是該國政府維持支出以支撐經濟，併爲其在也門的軍事行動買單。

Several asset managers were hit this month by redemptions, which came on top of an initial round of withdrawals this year, people aware of the matter said.

據知情人士透露，一些資產管理公司繼今年遭遇首輪撤資後，本月又遭到贖回打擊。

“It was our Black Monday,” said one fund manager, referring to the large number of assets withdrawn by Saudi Arabia last week.

一位基金經理談到上週沙特拋售大量資產時表示：“這是我們的黑色星期一。”

The latest withdrawals will be a big blow for institutions that have benefited from years of rising assets under management from oil-rich Gulf states, but are feeling the pinch after oil prices collapsed last year.

一些資產管理機構多年來受益於爲盛產石油的海灣國家管理越來越多的資產，但它們在去年油價暴跌後感到壓力，沙特此次撤資對它們將是沉重打擊。

Nigel Sillitoe, chief executive of financial markets intelligence company Insight Discovery, said fund managers estimated that Sama had pulled out $50bn-$70bn over the past six months.

金融市場情報公司Insight Discovery的首席執行官奈傑爾纏利托(Nigel Sillitoe)表示，基金經理們估計，近半年來沙特貨幣署已撤資500億至700億美元。

“The big question is when will they come back, because managers have been really quite reliant on Sama for business in recent years,” he said.

西利托說：“關鍵問題在於他們什麼時候回來，因爲基金經理們近年來真的相當依賴沙特貨幣署的業務。”

Sama’s reserves held in foreign securities have fallen $71bn in the past year, accounting for almost all of the $72.8bn reduction in overall overseas assets.

沙特貨幣署的外匯儲備在過去一年期間下降了710億美元，幾乎佔728億美元整體海外資產下降的全部。

Other industry executives estimate that Sama has withdrawn even more than $70bn from existing managers.

其他行業高管估計，沙特貨幣署從現有的資產管理公司撤資甚至超過700億美元。

While some of this cash has been used to fund the deficit, these executives say the central bank is also seeking to reinvest in less risky, more liquid products. “They are not comfortable with their exposure to global equities,” said another manager.

這些高管表示，儘管一部分資金被用來彌補赤字，但沙特央行也在尋求轉投風險較低、流動性較強的產品。另一位基金經理表示：“他們覺得自己對全球股市的敞口有點不合適。”