Saudi Arabia's Wealth Fund Staffs NY Unit With Goldman, Point72 Hires - Bloomberg
The US subsidiary of Saudi Arabia’s $730 billion sovereign wealth fund is hiring from Wall Street firms and top hedge funds to manage its growing portfolio of investments in the country.
In January, former Point72 Asset Management executive Jason Chung joined as head of the New York office of USSA International, the fund’s US arm, after spending almost 13 years at billionaire Steve Cohen’s hedge fund, according to LinkedIn. That month, Meredith Wood Doherty joined from investment firm Baillie Gifford as USSA International’s head of compliance and governance, her LinkedIn profile shows.
The Public Investment Fund unit also recruited former Goldman Sachs Group Inc. alumni Mark Cranley and Vesa Helin as a senior economist and head of risk, according to LinkedIn.
A representative for the PIF declined to comment.
The PIF opened USSA in New York last year and aimed to hire about 50 employees for roles including investment research, legal and compliance, and a chief of staff, Bloomberg reported. It also had plans to build a team for equity trading. The fund manages a roughly $35 billion portfolio of US equities, including stakes in BlackRock Inc., JPMorgan Chase & Co., and Uber Technologies Inc, according to a recent filing.
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