Skip to content Skip to Search
Skip navigation

PIF unit to expand New York team amid US investment drive

By Pramod Kumar
Creative Commons
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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]