The Public Investment Fund (PIF) announced two initiatives to support the development of Saudi Arabia’s asset management industry, reported the Saudi Press Agency on Friday.
The announcements, made at PIF’s inaugural Asset Management Forum at the Future Investment Initiative (FII7) in Riyadh, included the PIF Managers Gate Platform and the Portfolio Management Development Program.
The PIF Managers Gate sees the launch of a new digital platform for collaboration between PIF and external fund managers. The portal will enable secure data sharing, improved communications, and the digitization of operational and investment due diligence processes. It will promote growth in the asset management ecosystem by exploring potential opportunities and facilitating PIF’s seamless collaboration with fund managers.
PIF also announced the Portfolio Management Development Program, a comprehensive educational program delivered in partnership with IE University, and sponsored by SNB Capital, that will provide financial market training of the highest quality to aspiring portfolio managers in Saudi Arabia. The program is dedicated to setting a high standard for portfolio management practices within the Saudi market and will play a crucial role in the development and advancement of financial markets in Saudi Arabia.
Abdulmajeed Alhagbani, head of Securities Investment at PIF, 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.”
“High-quality professional support, talent and capital are critical enablers of the asset management industry. 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,” he stressed.
The PIF Asset Management Forum brings together key players in the global asset management industry to discuss critical issues, and further support industry best practices. This year’s forum explored the importance of partnership, collaboration, and PIF’s framework to institutionalize and develop Saudi Arabia’s asset management industry in a series of panel discussions as well as a fireside chat between His Excellency, Capital Market Authority Governor, Mohammed ElKuwaiz and PIF Deputy Governor and Head of MENA Investments, Yazeed Alhumied.
