Former Treasury Secretary Steven Mnuchin is planning an investment fund backed by Persian Gulf wealth funds, report says

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before a Senate Finance Committee hearing on the President's FY2021 Budget on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri Gripas/File Photo

Former Treasury Secretary Steven Mnuchin is planning to launch an investment fund that will be backed by sovereign wealth funds in the Persian Gulf region and other investors, the Washington Post reported on Tuesday.

Citing two people familiar with the matter, the Washington Post said the fund will invest in areas including financial technology and entertainment, among other potential sectors. 

The United Arab Emirates, Kuwait, Qatar and Saudi Arabia control some of the Persian Gulf region’s largest investment funds, according to the Sovereign Wealth Fund Institute.

Mnuchin traveled to the region frequently during his time as the head of the US Treasury, usually in relation to the treasury’s mission to combat terrorism financing. 

Before his tenure in the White House, Mnuchin worked as a filmmaker and on Wall Street, including a 17 year stint at Goldman Sachs.

 

Read the original article on Business Insider