Calling All Bankers for Help Managing $2 Trillion Saudi Fund - Bloomberg

Calling All Bankers for Help Managing $2 Trillion Saudi Fund - Bloomberg:

"Saudi Arabia’s Public Investment Fund is seeking to recruit senior bankers to help the kingdom run what may become the world’s largest sovereign wealth fund, according to people with knowledge of the matter.
The fund, which holds about $100 billion worth of stakes in local companies, is working with U.S.-based executive search firm Korn Ferry International to hire for positions including the head of private equity, head of real estate, head of risk management and the head of markets, the people said, asking not to be identified because the matter is private. The fund is seeking the most experienced international candidates, they said.
Saudi Arabia is preparing itself for the twilight of the oil age by expanding the PIF so it eventually controls more than $2 trillion, Deputy Crown Prince Mohammed bin Salman said in an interview earlier this month. The country will sell shares in Saudi Arabian Oil Co.’s parent company, or Aramco, and transfer these to the fund, technically making investments the source of Saudi government revenue, not oil, according to the prince."



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