Riyadh – Mubasher: The Public Investment Fund (PIF) of Saudi Arabia has unveiled two initiatives, PIF Managers Gate Platform and the Portfolio Management Development Program, in a bid to support the development of the asset management industry in the Kingdom, according to a press release.
The launch of the initiatives was made on the sidelines of the seventh Future Investment Initiative (FII7) conference in Riyadh at PIF’s inaugural Asset Management Forum, which pinpointed the key role of partnership, collaboration, and PIF’s framework to institutionalise and develop the asset management industry in Saudi Arabia.
PIF Managers Gate portal will focus on initiating a digital platform to underscore the collaboration between PIF and external fund managers. Through this platform, there will be secure data sharing, improved communications, and digitisation of operational and investment due diligence processes.
In addition, the platform will allow exploring potential opportunities while facilitating the sovereign fund’s seamless collaboration with other fund managers, which will play a role in promoting growth in the asset management ecosystem.
As for the Portfolio Management Development Program, it will be an integrated educational programme that is delivered in partnership with Spain-based IE University and with the sponsorship of the Saudi SNB Capital.
The second initiative aims at offering high-quality financial market training to portfolio managers in the Kingdom.
Head of Securities Investment at PIF, Abdulmajeed Alhagbani, said: “The asset management industry plays a vital role to support the efficient allocation of capital and management of risk in the economy, helping to promote economic growth and stability.”
Alhagbani elaborated: “High-quality professional support, talent, and capital are critical enablers of the asset management industry.”
Regarding the Kingdom’s sovereign wealth fund, the official concluded: “PIF has significantly contributed to Saudi Arabia’s asset management industry’s access. The announcements demonstrate PIF’s steadfast commitment to the Saudi asset management industry and will support the further development of the industry as well as improving the resilience, depth, and quality of Saudi Arabia’s capital markets.”
During the FII7 conference, which lasted for three days, PIF penned a joint venture (JV) agreement with the Italian global tyre manufacturer Pirelli Tyre to endorse Saudi Arabia’s position as a global automotive manufacturing hub.
