Kuwait Investment Authority (KIA) invested about $750 million in US asset manager BlackRock last year, KIA's managing director told Al Arabiya TV.

'Now we have made about 40 percent of profit (from BlackRock's capital hike, since May 2009),' Bader Al-Saad said in an interview aired on Sunday.

Al-Saad also said he still expected KIA to make a profit on its $2 billion investment in Bank of America, despite a current loss of between 30-40 percent on the investment.

KIA manages state assets in the world's fourth-biggest oil exporter. - Reuters