PIF opens overseas offices

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) has three subsidiary businesses in London, New York and Hong Kong.

The fund’s international expansion efforts, announced at the end of February, are part of its five year plan and stated ambition to grow its assets under management to US$1.07 trillion by 2025.

According to a statement from the PIF, the new subsidiary companies will “further enable PIF to continue working with its partners across regions globally while helping to transform global economies and drive the economic transformation of Saudi Arabia.

Meanwhile, it has bene reported that another of the region’s sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA), has cut a number of jobs over the last year as part of a $272.79 million cost reduction initiative.

According to Reuters, the savings will enable money to be diverted into new projects such as quantitative research and development.

Reuters quoted an ADIA spokesperson that said the fund “continuously evaluates its operations to ensure its capabilities, structures and processes are aligned with long term objectives, and enable ADIA to evolve with the investment environment”.

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