Key Takeaways
- • Saudi Arabia's Public Investment Fund (PIF), a $730 billion sovereign wealth fund, is actively recruiting senior talent from Goldman Sachs and Point72 Asset Management to staff its New York subsidiary, USSA International, with a target of approximately 50 employees across investment research, legal, compliance, and equity trading roles.
- • Jason Chung, formerly head of Point72 Asset Management after 13 years at Steve Cohen's hedge fund, joined as head of USSA International's New York office in January 2023; additional hires include Mark Cranley and Vesa Helin from Goldman Sachs as senior economist and head of risk, respectively, and Meredith Wood Doherty from Baillie Gifford as head of compliance and governance.
- • The PIF's US investment activity surged dramatically, deploying $10.8 billion across the Americas in 2022—a jump from $700 million in 2021—and has already deployed $4.9 billion in the US in 2023, making it the fund's largest regional deployment globally, signaling an aggressive expansion strategy.
- • The PIF manages approximately $35 billion in US equities, including significant stakes in BlackRock, JPMorgan Chase, and Uber Technologies, indicating a diversified portfolio approach across financial services, technology, and transportation sectors.
Summary
Saudi Arabia's Public Investment Fund is executing an aggressive talent acquisition strategy in the United States, recruiting seasoned Wall Street and hedge fund executives to manage its expanding American investment portfolio. The $730 billion sovereign wealth fund established USSA International, its US subsidiary, in New York in 2022 with ambitious hiring plans targeting approximately 50 employees across critical functions including investment research, legal compliance, and equity trading operations.
The staffing initiative reflects the fund's commitment to deepening its US market presence. In January 2023, Jason Chung, a senior executive with nearly 13 years of experience at Point72 Asset Management, assumed the role of head of USSA International's New York office. The same month, the fund recruited Meredith Wood Doherty from Baillie Gifford to lead compliance and governance efforts. Additionally, the PIF hired Goldman Sachs alumni Mark Cranley as senior economist and Vesa Helin as head of risk, underscoring a deliberate strategy to import institutional expertise from premier financial institutions.
The recruitment effort aligns with the PIF's dramatic acceleration in US investments. In 2022, the fund invested $10.8 billion across the Americas—representing just over half of its total deal activity that year—a remarkable increase from $700 million in 2021. Year-to-date deployment through the period covered in available reporting indicates the fund has committed $4.9 billion to US opportunities, making the United States its largest regional focus globally. This capital deployment strategy echoes the fund's opportunistic approach from early 2020, when it accumulated stakes in depressed-valuation companies during the pandemic-driven market downturn.
The PIF's US portfolio currently encompasses approximately $35 billion in equities across diversified holdings, including substantial positions in financial services (BlackRock and JPMorgan Chase) and technology (Uber Technologies). A PIF representative declined to comment on the hiring initiative, though the staffing moves underscore the fund's commitment to establishing institutional-grade investment operations in the primary US market.
The staffing initiative reflects the fund's commitment to deepening its US market presence. In January 2023, Jason Chung, a senior executive with nearly 13 years of experience at Point72 Asset Management, assumed the role of head of USSA International's New York office. The same month, the fund recruited Meredith Wood Doherty from Baillie Gifford to lead compliance and governance efforts. Additionally, the PIF hired Goldman Sachs alumni Mark Cranley as senior economist and Vesa Helin as head of risk, underscoring a deliberate strategy to import institutional expertise from premier financial institutions.
The recruitment effort aligns with the PIF's dramatic acceleration in US investments. In 2022, the fund invested $10.8 billion across the Americas—representing just over half of its total deal activity that year—a remarkable increase from $700 million in 2021. Year-to-date deployment through the period covered in available reporting indicates the fund has committed $4.9 billion to US opportunities, making the United States its largest regional focus globally. This capital deployment strategy echoes the fund's opportunistic approach from early 2020, when it accumulated stakes in depressed-valuation companies during the pandemic-driven market downturn.
The PIF's US portfolio currently encompasses approximately $35 billion in equities across diversified holdings, including substantial positions in financial services (BlackRock and JPMorgan Chase) and technology (Uber Technologies). A PIF representative declined to comment on the hiring initiative, though the staffing moves underscore the fund's commitment to establishing institutional-grade investment operations in the primary US market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.