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Saudi Arabia’s PIF to hire 50 staff to expand New York office: Bloomberg report
RIYADH: Saudi Arabia’s sovereign wealth fund is planning to hire a team of about 50 staff for its New York office as it eyes expansion of investments in the US, according to Bloomberg.
Quoting people familiar with the matter, the news outlet reported that USSA International, a wholly owned subsidiary of the Public Investment Fund, is planning to recruit staff for multiple positions in various sectors including investment research, legal and compliance.
The people, who wished to stay anonymous, further noted the PIF would also hire a chief of staff for its New York office.
PIF also has plans to build a team for equity trading in the future, the report added.
According to the report, PIF is currently managing an approximately $40 billion portfolio in US entities. Some of the firms where the PIF holds stakes are BlackRock Inc., JPMorgan Chase & Co., and Uber Technologies.
The report further added that staff at the PIF’s headquarters in Riyadh will be responsible for all investment decisions, despite having an office and a team in New York.
PIF has no plans to apply for a license to trade US stocks, and it will continue to use intermediaries to execute trades, the report noted.
The people added that the New York team will help to “oversee trades and bridge the time difference between Saudi Arabia and the US.”
Bloomberg did not receive a comment from a PIF representative in this regard.
This new move from the PIF is a part of its strategy which aims to control almost $1.1 trillion of assets by 2030.
Data released by the Sovereign Wealth Fund Institute in April revealed that PIF is currently in the fifth spot among the largest sovereign funds in the world with assets valued at $620 billion.
Meanwhile, a Press Trust of India, citing two officials aware of the development, reported that the PIF is looking for more investment opportunities in India, and it has already decided to invest $4 billion in the real estate sector.
“PIF is bullish on India and is looking to invest around $4 billion over three years primarily in the real estate sector,” said officials who wished to stay anonymous.
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