#Saudi Wealth Fund PIF Ramps Up Expansion With NY, London Offices - Bloomberg

Saudi Wealth Fund PIF Ramps Up Expansion With NY, London Offices - Bloomberg

Saudi Arabia’s sovereign wealth fund opened offices in New York, London and Hong Kong as part of the $500 billion asset manager’s global expansion plans.

“The moves are in line with PIF’s continued expansion and will assist in the fund’s future international growth,” according to a statement.

The wealth fund is a key lever for Saudi Arabia’s efforts to diversify the economy away from oil. Since 2015, the PIF’s assets under management have risen to $500 billion from about $150 billion.

It has taken stakes in Uber Technologies Inc., put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid Motors Inc. It’s also increased headcount to more than 1,000 from about 40.

Over the past year, the fund has announced a string of appointments to help expand its reach.