BlackRock Saudi Arabia and the Public Investment Fund (PIF) announced today, April 30, signing a memorandum of understanding (MoU) by which BlackRock will establish a Riyadh-based multi-asset class investment platform. It will be anchored by an initial investment mandate of up to $5 billion (SAR 18.8 billion) from PIF, subject to the achievement of agreed milestones between the parties.
BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.
In a joint statement PIF and BlackRock said that BRIM will seek to support foreign institutional investment into Saudi Arabia and further enhance the Saudi asset management industry; broaden local capital markets while driving investor diversification across asset classes; and facilitate knowledge sharing and the development of Saudi-based asset management talent.
Today’s signed non-binding MoU is subject to satisfying certain necessary conditions, regulatory approvals and fulfilling specified milestones.
BRIM intends to invest in supporting infrastructure, as well as investment research capabilities to boost local insights, through recruiting locally and relocating experienced investment professionals. This includes the launch of the BRIM Graduate Development Program, the establishment of a partnership between PIF Academy and the BlackRock Educational Academy, and industry training and development events.
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