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Credit: Reuters/Stringer RABAT/ABU DHABI (Reuters) - The body of an Emirati sheikh and ruling family member who headed one of the world's biggest sovereign wealth funds has been found after a glider crash in Morocco, state media said on Tuesday. World Rescuers had combed the area for four days after the aircraft with Sheikh Ahmed bin Zayed al-Nahayan on board crashed into a reservoir near the Sidi Mohamed Ben Abdallah Dam, south of the Moroccan capital, Rabat. State television in the United Arab Emirates interrupted its broadcasts to air readings from the Koran. "Sheikh Ahmed ... is in the care of God," read a banner on Abu Dhabi Television. Sheikh Ahmed, 41, was the younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. Sheikh Ahmed was ranked No. 27 on Forbes list of the world's most powerful people last year. "He is important but his death will not have a huge impact on the power structure within the family," said Mustafa Alani, Dubai-based analyst at the Gulf Research Center. "Certainly on the question of financial and economic issues, I think he will be missed. Definitely." His fund, the Abu Dhabi Investment Authority (ADIA), is believed to have assets of between $500 billion and $700 billion, ranging from Citigroup bonds to a stake in Britain's Gatwick Airport. Experts expect the leadership role at ADIA to remain within the ruling family. "ADIA is essentially a custodian of Abu Dhabi's wealth, which belongs to the ruling family," said Khuram Maqsood, managing director at Emirates Capital. "ADIA is an extremely well institutionalized and professional organization. It's the largest sovereign fund, or certainly among the top three globally. It is unlikely that there will be any change out of the ordinary as a result." Residents of the area near Rabat said the sheikh was a regular visitor and the Abu Dhabi ruling family had a palace overlooking the reservoir, which was swollen after heavy rain and estimated to be about 60 meters (190 feet) deep. The sheikh's body was pulled from water estimated up to 42 meters deep late on Tuesday morning after a search involving some 225 people including 100 divers, according to Moroccan state media. WELL RESPECTED ADIA funnels funds from the emirate's oil exports into overseas stocks and bonds from its headquarters in a gleaming skyscraper on the island city's shoreline. Sheikh Ahmed, like the organization he led, shunned the media spotlight and was said to dislike being referred to as "Your Highness" as customary. "He was extremely well respected as part of the work he did for ADIA and it was expected that he would play a vital role in the future development of the emirate as a leading member of the ruling family," a source familiar with the matter said. He led the shift within ADIA from active to passive fund management after discovering that index-tracking funds, which seek to mimic the ups and downs of regular stocks indices, often outperformed those operated by expensive money managers. He is the son of the founder of the seven member UAE federation, Sheikh Zayed bin Sultan al-Nahayan, and worked as an equities analyst at ADIA for six years before becoming its boss. The fund has rarely given details of its investment strategy or investments. In its first detailed report published in March, ADIA said it aimed to be more transparent. It also said it returned 6.5 percent on an annualized basis over a 20-year period as of December 31, 2009 and 8 percent over a 30 year period. The chairman of ADIA is Sheikh Khalifa Bin Zayed al-Nahayan, ruler of Abu Dhabi and President of the UAE. In June 2008, a brother of Sheikh Ahmed's, Sheikh Nasser Bin Zayed Al Nahayan, was killed when the helicopter carrying him and his colleagues crashed into the Gulf. The state news agency WAM announced three days of mourning starting on Wednesday. (Additional reporting by Cynthia Johnston, Firouz Sedarat, Raissa Kasolowsky and Dinesh Nair; Editing by Dominic Evans) (Writing by Thomas Atkins; Editing by Andrew Dobbie) World Add a Comment More from Reuters Consumers, house prices bolster recovery hopes NEW YORK (Reuters) - U.S. consumer confidence rebounded in March while a closely watched housing index showed home prices rose in January for the eighth straight month, bolstering hopes for a sustainable economic recovery. | Video Obama signs package of final healthcare changes In mobile tech war, LTE haunts WiMax again Toyota safety probe taps rocket scientists G8 ministers to call for stronger Iran measures | Video Putin orders Moscow bombers "scraped from sewers" | Video » More Top News "Silent war" spills into Moscow It began as a grassroots separatist movement, but the insurgency in the North Caucasus has mutated into a campaign for holy war against Russia. 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Full Article Factbox: Companies ride genome wave Factbox: Diagnostic tests get personal Healthcare © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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