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By Saeed Azhar
DU(BA)I, Dec 17 (Reuters) – Public Funding Fund (PIF), Saudi Arabia’s sovereign wealth fund, stated on Thursday its whole worker depend surpassed 1,000 as of December, marking an addition of about 300 staff because the begin of the yr regardless of the COVID-19 pandemic.
The sovereign fund, which had round 40 staff in 2016, instructed Reuters in an electronic mail that 80 new recruits have been drawn from this yr’s cohort of its Graduate Growth Program.
The brand new hires additionally embody Fadi al-Stated, the previous head of Lazard Asset Administration Center East and North Africa (MENA), who joined as a senior director in PIF’s native fairness funds division in September, the fund stated.
Earlier this yr, the fund additionally employed Maziar Alamouti, a former head of buying and selling at advisory and wealth administration agency Quilter Traders, to construct PIF’s buying and selling capabilities.
The hiring spree comes as different monetary establishments have been below stress to chop prices within the Gulf area, whereas the PIF continues to develop into an aggressive international investor.
About 84% of PIF’s staff are Saudi residents and 26% of its whole staff are girls, together with Shihana AlAzzaz, the fund’s normal counsel and secretary normal to the board, folks conversant in the matter instructed Reuters.
“PIF is dedicated to a various workforce, underlining the fund’s dedication to delivering on Imaginative and prescient 2030; creating younger Saudi expertise and bettering entry to high-quality profession alternatives,” a spokesman for the fund stated in an electronic mail.
PIF, which manages $360 billion and acquired $7.7 billion worth of North American and European stocks within the first quarter, can be making the most of market weak spot as a result of coronavirus.
After boosting its international stock portfolio to about $10 billion by the second quarter, PIF minimize its publicity to North American equities by $three billion within the third quarter.
PIF is chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman, who had stated in November the fund will inject 150 billion riyals yearly ($40 billion) into the economic system in 2021 and 2022.
(Modifying by Uttaresh.V)
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