Saudi Arabia’s $900B sovereign wealth fund announced up to $12B in investment deals with top U.S. asset managers, according to reporting by Reuters.
It noted Franklin Templeton said it signed a non-binding memorandum of understanding (MoU) to partner with the kingdom’s Public Investment Fund on investing up to $5B in Saudi Arabia’s financial markets.
Similarly, Neuberger Berman agreed to invest up to $6B in the kingdom and launch a Riyadh-based multi-asset investment management platform. Northern Trust Asset Management committed to up to $1B, while I Squared Capital said it signed a deal with PIF to establish a dedicated infrastructure investment strategy focused on the Middle East.
“Through our global multi-asset investment platform and our local business expansion, we look forward to contributing to the domestic economy, building local teams,” said George Walker, Neuberger Berman’s chief executive officer.
PIF has been increasing its focus on domestic investment as part of its commitment to the Saudi Arabia’s economic transformation plans, said Reuters’ report.
