Saudi Sovereign Fund Said To Hire Ex-Morgan Stanley Risk Officer
PIF received an injection of $40bn from the kingdom's reserves in March and April as it sought investment opportunities amid the economic wreckage of the coronavirus crisis
Saudi Arabia’s sovereign wealth fund hired a former chief risk officer at Morgan Stanley Investment Management, Feta Zabeli, as it expands its international portfolio, according to people familiar with the matter.
Zabeli, previously based in New York, joined the Public Investment Fund in June, the people said. In July the PIF also hired Maziar Alamouti, an ex-head of trading for UK wealth manager Quilter Investors, to bolster its international trading capabilities, they said. A spokesman said the PIF employed over 900 people and aims to reach 1,000 by year end, without commenting on the new hires.
The PIF received an injection of $40 billion from the kingdom’s reserves in March and April as it sought investment opportunities amid the economic wreckage of the coronavirus crisis. The money was meant to accelerate the fund’s transformation from a domestically focused holding company into a global investor.
Crown Prince Mohammed Bin Salman, the country’s de facto ruler, wants to wean the economy off oil and sees the PIF’s rise as key to that plan. Under the leadership of Yasir Al-Rumayyan, a close adviser to the crown prince, the PIF has built up stakes in Uber Technologies Inc. and Jio Platforms Ltd., the digital services business controlled by Indian billionaire Mukesh Ambani.
The fund spent billions of dollars buying stakes in companies including Facebook Inc., Citigroup Inc., and Walt Disney Co. in March at the height of the pandemic-driven sell-off. As markets rebounded in the second quarter, it largely exited those positions and bought into exchange-traded funds focused on utilities and materials sectors.
UAEs Maseera Acquires Egyptian Fintech ADVA
The move marks a critical milestone in Maseera’s regional expansion strategy Read more
Oman Mandates IBAN For Domestic Transfers From July 2025
The move follows the Oman Central Bank's implementation of the IBAN system for international transfers from March 31, 2... Read more
Egypt And Jordan Thank The European Parliament For New Financial Aid
The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to... Read more
Standard Chartereds SC Ventures To Replicate Asia, Africa SME Model In GCC
SC Ventures to bring its successful SME building strategy in India, South East Asia and Africa to GCC, and plans to rol... Read more
UAE Central Bank Revokes Licence Of Dynamics Insurance Brokers For Regulatory Breaches
Dynamics Insurance Brokers "failed to comply with the licensing terms and requirements issued by the Central Bank and w... Read more
Eid Al Fitr Holidays In The GCC; Dubais 100 Most Influential People; UAE Petrol Prices To Change; Royal Baby Announced – 10 Things You Missed This Week
Eid holidays, the Dubai 100, UAE petrol prices, Royal Baby named, Palm Jebel Ali investments and more top news stories ... Read more