One of the world's largest sovereign wealth funds is reportedly considering shifting its focus away from the UK and Europe more broadly, in favour of the US and Asia.
But the Qatar Investment Authority's (QIA) plans could deal a blow to the City because it regularly takes part in initial public offerings and mergers and acquisitions.
"The QIA is in the process of reviewing its strategy and it remains to be seen whether that will significantly change in terms of the sectors and regions it invests in," a market expert told the Times.
"What is interesting is they have opened up a new office in New York and the new chief executive has indicated they want to invest more in the US to diversify their assets. Previously their main focus has been the UK and France, and more widely across Europe."
The fund was involved in a high profile battle for Canary Wharf at the beginning of this year, which culminated in the largest UK property deal for a decade.
The QIA declined to comment.