Merrill confirms Kuwaiti and Korean involvement

The Kuwait Investment Authority and Korean Investment Corporation became the two latest sovereign wealth funds to capitalise on banks' subprime losses, buying into Merrill Lynch, an investment bank.

Merrill said on Tuesday that the Kuwaiti and Korean sovereign wealth funds were two of three primary investors in its $6.6 billion stock placement. The other was Mizuho Corporate Bank, a subsidiary of Mizuho Financial Group.

"Kuwait Investment Authority is one of the oldest and most successful sov