Saudi Wealth Fund Said to Hire $111 Billion-Portfolio Chief - Bloomberg

Saudi Wealth Fund Said to Hire $111 Billion-Portfolio Chief - Bloomberg:

"Saudi Arabia’s sovereign wealth fund, which is being transformed into a $2 trillion investment giant, hired Rashed Sharif as head of domestic investments, according to two people familiar with the matter. Sharif, previously chief executive officer of Riyad Bank’s investment-banking unit, will be responsible for managing the Public Investment Fund’s $111 billion portfolio of Saudi assets, the people said, asking not to be identified as the information is private. He will report to the fund’s managing director, Yasir Alrumayyan, they said. PIF, as the fund is known, plans to become the world’s largest when the government gives it ownership of Saudi Arabian Oil Co. along with the proceeds from the oil producer’s initial public offering, expected to be the biggest listing ever. Saudi Crown Prince Mohammed Bin Salman wants to remodel the kingdom into an investment powerhouse to reduce its dependence on oil."



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