Financial news reports that Kuwait's sovereign wealth fund, Kuwait Investment Authority (KIA), has hired two former bankers at Bank of America Merrill Lynch to join its recently launched infrastructure investment company.

According to the source, in April 2013, KIA established Wren House Infrastructure Management.

Kuwait's sovereign wealth fund, which manages assets worth around $386 billion, has hired Hakim Drissi-Kaitouni as managing director at Wren House Infrastructure Management, and Marc Keller as Associate. Both left Bank of America Merrill Lynch during the lats months.

Kuwait Investment Authority has had a presence in London since the 1950s based at Wren House on Carter Lane in the Square Mile.

The hires follow KIA's involvement in a bid for Severn Trent water company in May. The failed proposed acquisition was made by a consortium that also included Canada's Borealis Infrastructure Management.