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The Public Investment Fund (PIF) was crowned the most valuable sovereign wealth fund brand, valued at USD 1.1 bn, according to a release from Brand Finance. “PIF’s value is largely driven by high scores for the brand’s awareness, purpose and commitment to positive growth,” it said. PIF came second place in the strongest sovereign wealth fund brand category, scoring 62.1/100 with an A+ rating, not too far off from the UAE’s largest sovereign wealth fund Adia which secured the top spot at 63.9. PIF also ranked sixth globally in brand value to assets under management ratio.
BlackRock, the world’s largest asset manager, was named the world’s most valuable asset management brand with a brand value of just over USD 7 bn. BlackRock’s “ aggressive hunt for growth in Saudi Arabia” helped it line up USD 5 bn commitment from the PIF as part of a push to grow in the Kingdom. It is setting up a new multi-asset investment platform which will be run by BlackRock and PIF.
ALSO- King Salman will host and cover the expenses of 2.3k hajj pilgrims from over 88 countries, including 1k pilgrims from Palestine, state news agency SPA reports.
