BlackRock and PIF to launch Saudi asset manager

Saudi Arabia’s sovereign wealth fund, the Public Investment Forum (PIF), is to provide US$5 billion to asset manager BlackRock to fund a venture in Saudi Arabia.

BlackRock, the largest asset manager in the world, has signed an MoU with the wealth fund to establish BlackRock Riyadh Investment Management (BRIM).

According to a joint statement, the Saudi-based venture will invest across multiple asset classes covering both private and public markets.

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A Riyadh-based team will cover the daily portfolio management activities with support from BlackRock’s global investment platform.

BlackRock chairman and CEO Larry Fink referred to Saudi Arabia as “an increasingly attractive destination for international investment”.

“The continued growth of the Kingdom’s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens, the competitiveness of its companies and the resilience of its economy,” said Fink.

“This new landmark agreement represents a step forward in PIF’s work in making the Saudi investment and asset management market more internationally diverse and more dynamic,” added Yazeed A Al-Humied, deputy governor and head of Mena investments at PIF.

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