Abu Dhabi Investment Authority to close its London office

Abu Dhabi Investment Authority (ADIA), one of the richest sovereign wealth funds in the world, has revealed its plan to shut down its London office. However, it will still remain committed to invest in Britain.
ADIA, which manages a diversified global investment portfolio across more than two dozen asset classes, opened its London office, its only overseas operation, in the mid-1980s.
ADIA is planning to spend and invest its oil wealth more efficiently and effectively, followed by the drop of global oil price.
A spokesperson said, "This has no impact on our investments in and commitment to the U.K., which will continue as before."
According to an estimate by the Sovereign Wealth Fund Institute, ADIA has a stake in Britain's Gatwick airport and Thames Water, aside from investments in property and hotels. It had total assets of $773 billion at the end of last year.
In the last decade, its global headcount has increased to nearly 1,700 from 1,200. It had no more than 20 staff at its London office.