Kuwait SWF set to make move on Wall Street

The Kuwait Investment Authority, a sovereign wealth fund, may be about to invest billions in Merrill Lynch and Citigroup, two of the biggest casualties of the subprime crisis.

On Monday, The Financial Times, a newspaper, reported that the Kuwait Investment Authority would be a major investor in a new $4 billion capital raising by Merrill Lynch, which the investment bank could announce this week. The authority could also invest up to $3 billion in Citigroup, the world's largest bank.

The Kuwai