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PIF unit to expand New York team amid US investment drive

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USSA International, the wholly-owned unit of the $620 billion sovereign wealth fund, expects to hire nearly 50 staff for its New York office.

A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is planning to hire staff for its New York office as it prepares to boost investments in the US market, Bloomberg reported, citing unnamed sources.

USSA International, the wholly-owned unit of the $620 billion sovereign wealth fund, expects to hire nearly 50 staff for its New York office.

The roles include investment research, legal and compliance, chief of staff, followed by an equity trading team.

The Saudi fund manages an almost $40 billion portfolio of US equities, including stakes in BlackRock, JP Morgan Chase, and Uber.

Earlier this year, PIF invested more than $7 billion in the US stock market.

Despite the US office, Riyadh-based PIF’s executives will be responsible for finalising all of its investment decisions, the news agency reported.

The fund isn’t planning to apply for a license to trade US stocks directly or through the New York unit and will continue to use intermediaries to execute trades.  

Earlier this month, Bloomberg reported that the fund will refinance an $11 billion loan maturing next year.

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