Sovereign wealth funds have made a record $33.3bn (€22.6bn) worth of acquisitions this year as they accelerate their purchases of stakes in western companies amid the credit crunch.

Acquisitions by sovereign wealth funds broke through $30bn (€20.2bn) for the first time this week following the Abu Dhabi Investment Authority's purchase of a $7.5bn stake in Citigroup. SWFs had made $25.2bn of acquisitions by the same point last year, and managed less than $1bn of purchases five years ago, according to figures from investment banking data provider Dealogic.