Neuberger Berman Partners with PIF for $6 Billion Investment Initiative in Saudi Arabia
Neuberger Berman, a well-known global investment management firm, has recently entered into a partnership with the Public Investment Fund (PIF) of Saudi Arabia. This collaboration is marked by the signing of a non-binding memorandum of understanding (MoU), setting the stage for a significant investment initiative totaling up to $6 billion aimed at bolstering the capital markets within Saudi Arabia and the broader Middle Eastern region.
The partnership is strategically aligned with PIF's ambition to expand Saudi Arabia's asset management sector. One of the key components of this collaboration is the establishment of a Riyadh-based multi-asset investment management platform. This platform will facilitate the management of a diverse array of investment strategies, including equities, fixed income, and private markets, all of which will contribute to a more robust investment ecosystem within the region. Neuberger Berman is actively pursuing the necessary regulatory approvals to launch this domestic investment platform.
George Walker, the CEO of Neuberger Berman, expressed enthusiasm regarding this partnership, emphasizing the company's commitment to support PIF's mission. He stated, "We are honored to partner with PIF, one of the largest and most sophisticated institutional investors. We can leverage our global multi-asset investment platform to contribute positively to the domestic economy, develop local talent, and cater to the unique needs of the region as outlined in its Vision 2030 strategy."
PIF, known as a significant player in the global investment landscape, aims to create new economic sectors while driving the transformation of Saudi Arabia's economy. Through substantial investments in various sectors, PIF seeks to stimulate economic growth, diversify income sources, and create job opportunities.
The MoU signed by Neuberger Berman and PIF is not just a symbolic gesture; it complements a series of PIF initiatives designed to enhance the Saudi capital market and foster a vibrant international investment management sector within the kingdom. This partnership comes at a crucial time, as PIF is committed to realizing Vision 2030, which aims to reduce Saudi Arabia's dependence on oil and diversify its economy.
Highlighting the importance of this initiative, PIF has previously embarked on numerous partnerships and investments that have established over 100 companies since 2017, all while driving advancements toward a more sustainable economy. These efforts include strategic investments that foster innovation and development across diverse sectors in Saudi Arabia.
Khalid Albdah, who was appointed as Head of Middle East and New Markets by Neuberger Berman in late 2024, will oversee this collaboration. His role is pivotal in steering the strategic growth of the firm in the region by focusing on client outreach, operational efficiencies, and investment strategies tailored for local markets.
The current MoU remains non-binding and is subject to fulfilling certain necessary conditions, including acquiring all required regulatory and internal approvals. This careful planning reflects both parties' commitment to ensuring the collaboration is set on a strong foundation for success.
With a history spanning back to 1939, Neuberger Berman has established itself as a leader in investment management, employing over 2,800 professionals across 26 countries. The firm specializes in managing an impressive suite of portfolios that includes equities, fixed income, private equity, and real estate worth an estimated $515 billion. Neuberger Berman firmly believes in active management backed by fundamental research, setting itself apart in the competitive landscape of investment management.
In conclusion, this partnership signifies a significant step forward for Saudi Arabia's economic landscape as it seeks to attract substantial international investment. Together, Neuberger Berman and PIF aim to forge a path for economic diversification and growth, aligning their goals with the ambitious targets set by Vision 2030, underscoring the importance of collaboration in achieving long-term economic stability and success in the region.
The partnership is strategically aligned with PIF's ambition to expand Saudi Arabia's asset management sector. One of the key components of this collaboration is the establishment of a Riyadh-based multi-asset investment management platform. This platform will facilitate the management of a diverse array of investment strategies, including equities, fixed income, and private markets, all of which will contribute to a more robust investment ecosystem within the region. Neuberger Berman is actively pursuing the necessary regulatory approvals to launch this domestic investment platform.
George Walker, the CEO of Neuberger Berman, expressed enthusiasm regarding this partnership, emphasizing the company's commitment to support PIF's mission. He stated, "We are honored to partner with PIF, one of the largest and most sophisticated institutional investors. We can leverage our global multi-asset investment platform to contribute positively to the domestic economy, develop local talent, and cater to the unique needs of the region as outlined in its Vision 2030 strategy."
PIF, known as a significant player in the global investment landscape, aims to create new economic sectors while driving the transformation of Saudi Arabia's economy. Through substantial investments in various sectors, PIF seeks to stimulate economic growth, diversify income sources, and create job opportunities.
The MoU signed by Neuberger Berman and PIF is not just a symbolic gesture; it complements a series of PIF initiatives designed to enhance the Saudi capital market and foster a vibrant international investment management sector within the kingdom. This partnership comes at a crucial time, as PIF is committed to realizing Vision 2030, which aims to reduce Saudi Arabia's dependence on oil and diversify its economy.
Highlighting the importance of this initiative, PIF has previously embarked on numerous partnerships and investments that have established over 100 companies since 2017, all while driving advancements toward a more sustainable economy. These efforts include strategic investments that foster innovation and development across diverse sectors in Saudi Arabia.
Khalid Albdah, who was appointed as Head of Middle East and New Markets by Neuberger Berman in late 2024, will oversee this collaboration. His role is pivotal in steering the strategic growth of the firm in the region by focusing on client outreach, operational efficiencies, and investment strategies tailored for local markets.
The current MoU remains non-binding and is subject to fulfilling certain necessary conditions, including acquiring all required regulatory and internal approvals. This careful planning reflects both parties' commitment to ensuring the collaboration is set on a strong foundation for success.
With a history spanning back to 1939, Neuberger Berman has established itself as a leader in investment management, employing over 2,800 professionals across 26 countries. The firm specializes in managing an impressive suite of portfolios that includes equities, fixed income, private equity, and real estate worth an estimated $515 billion. Neuberger Berman firmly believes in active management backed by fundamental research, setting itself apart in the competitive landscape of investment management.
In conclusion, this partnership signifies a significant step forward for Saudi Arabia's economic landscape as it seeks to attract substantial international investment. Together, Neuberger Berman and PIF aim to forge a path for economic diversification and growth, aligning their goals with the ambitious targets set by Vision 2030, underscoring the importance of collaboration in achieving long-term economic stability and success in the region.
Topics Financial Services & Investing）
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