So much has happened since, that it is easy to forget what a dramatic coup Citigroup’s $7.5bn fund-raising in November was.
At the time, the injection by the Abu Dhabi Investment Authority (ADIA) was the single biggest investment ever for a non-controlling stake in a company, and it highlighed the rapidly increasing influence of sovereign wealth funds in global capital markets. Less than three weeks later, the record was broken when the Government of Singapore Investment Corporation agreed to put $9bn into UBS.
