A collapse in the price of oil since June 2014 is taking its toll on the investment management industry, as oil-producing countries pull money from their wealth funds to make up for a loss of export earnings. A recent report by Deutsche Bank on sovereign wealth funds concludes that this trend is likely to dent management fees.

Most fund management companies are similarly reluctant to discuss withdrawals by sovereign wealth funds. Equally, the oil-rich sovereign funds of Norway, Abu Dhabi, Qatar, Nigeria, Kuwait and Saudi Arabia declined to comment.

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