Sovereign funds in North America are feeling the impact of lower oil prices more than their counterparts in the Middle East, with most expecting a drop in new funding in the coming years, according to Invesco Ltd.

A total of 80 percent of North American sovereigns expect zero or reduced funding, compared with 42 percent of funds in the rest of the world, Invesco said in its Global Sovereign Asset Management Study Wednesday.

Some sovereigns expect the fall in oil price to lead to a short-term reversal to more conservative investment strategies and defer long-term allocation toward alternative asset classes, according to Invesco. Still, many are in a stronger position to deal with falling oil prices than they would have been in 2008 with better risk management, Invesco said.

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