BlackRock to Get $5 Billion From PIF to Boost Presence in Saudi Arabia
- The new multi-asset platform will be managed locally
- Asset manager has made an aggressive push in kingdom
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BlackRock Inc. is set to get as much as $5 billion from Saudi Arabia’s sovereign wealth fund to invest in the Middle East and build a Riyadh-based investments team, one more sign that the world’s largest asset manager is intensifying efforts to grow in the kingdom.
The new entity, BlackRock Riyadh Investment Management, will be set up under a partnership between BlackRock and Saudi Arabia’s Public Investment Fund. It will incorporate strategies across asset classes, including private and public markets, according to a statement Tuesday.