BlackRock, the world’s largest asset manager with $10 trillion in assets under management, and the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, have signed a memorandum of understanding under which BlackRock will establish a Riyadh-based multi-asset class investment platform, anchored by an initial investment mandate of up to $5 billion from PIF.
The platform, BlackRock Riyadh Investment Management (BRIM), will encompass investment strategies across a range of asset classes. As Saudi Arabia continues to transform its economy, 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.
“We are excited to build on the deep partnership we have developed with PIF over many years to launch