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Saudi Arabia's $730 billion sovereign wealth fund's US subsidiary is hiring top talent from Wall Street and leading hedge funds to manage its growing investment portfolio. Former executives from Point72 Asset Management and Goldman Sachs, including Jason Chung, Meredith Wood Doherty, Mark Cranley, and Vesa Helin, have joined USSA International in various key positions.
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Bloomberg reported that last year, the PIF launched USSA in New York with a target of recruiting approximately 50 workers for various positions such as investment research, legal and compliance, and a chief of staff. Additionally, the organization had intentions to establish a team for equity trading. As per a recent filing, the fund oversees a portfolio of around $35 billion in US equities, which includes shares in BlackRock, JPMorgan Chase, and Uber.
Why it matters
In 2022, the PIF invested $10.8 billion in the Americas, accounting for over half of its total deals for the year. The fund has allocated $4.9 billion to the US, more than any other region. This reflects its strategy of acquiring undervalued stocks during the pandemic, similar to its approach in 2020. While the PIF has a US team, all investment decisions are made in Riyadh, and the fund will continue to use intermediaries for trades, without seeking a license for direct trading or establishing a New York unit.
