Abu Dhabi wealth fund cuts jobs in effort to save $272 mln in costs

Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, has cut dozens of jobs over the past year as part of a one billion dirham ($272.29 million) cost saving program, two sources told Reuters.
 

The cost savings will help Abu Dhabi's sovereign wealth fund, which manages $700 billion in assets, divert money into new projects such as quantitative research and development.
 

ADIA, which manages capital on behalf of the oil rich Abu Dhabi government, has focused on trimming its bloated management team, cutting expensive, long-tenured staff who have worked there for decades, said the sources, declining to