The National Development Fund signs a memorandum of understanding with "Northern Trust" With 12 billion riyals
The National Development Fund concluded a memorandum of understanding with a company "Northern Trust" This comes with the aim of developing local and global investment strategies and future commitment to investment management services by Northern Trust, in addition to managing global investments in passive stocks.
This contributes to enhancing financial sustainability and supporting national development goals in a new step to enhance the efficiency of asset management and diversify global investments.
The fund explained that the memorandum includes appointing a company "Northern Trust" Custodian of the fund’s assets to provide asset transfer management services in accordance with international best practices in risk management and operational efficiency, in addition to appointing her as investment manager for a global stock portfolio managed on behalf of the fund, with the aim of maximizing investment efficiency and achieving sustainable returns that support the fund’s long-term goals.
The agreement stipulates the formation of a joint work team to prepare an executive plan and follow-up mechanisms to activate the terms of the agreement, in addition to studying opportunities to develop innovative investment products that contribute to diversifying portfolios and enhancing the efficiency of asset management of funds and development banks that It is supervised by the Fund.
The signing of this memorandum comes as an extension of the National Development Fund’s efforts to raise the efficiency of investment portfolio management and enable the development system to achieve a sustainable economic impact, through strategic partnerships with global financial institutions that contribute to transferring expertise and enhancing the competitiveness of the Saudi financial market, in line with the objectives of the Kingdom’s Vision 2030.
The company is considered "Northern Trust"Headquartered in Chicago, it is one of the leading global institutions in asset management, investment consulting, fund management, and financial services, and has extensive experience in providing financial governance and investment management services to a number of major institutions around the world.
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