| | NOVEMBER 20239The Public Investment Fund of Saudi Arabia has unveiled two new initiatives to improve the kingdom's asset management business. The PIF Managers Gate Platform and the Portfolio Management Development Programme were announced on the margins of the Future Investment Initiative event in Riyadh.The Managers Gate programme will include a new digital platform to enable collaboration between PIF and external fund managers. The portal will allow secure data sharing, improved communications, and the digitisation of operational and investment due diligence processes, the fund added. It will also promote growth in the asset management ecosystem by exploring potential opportunities and will bolster PIF's collaboration with fund managers, as per thenationalnews.The Portfolio Management Development Programme is a collaborative educational project with IE University. It will be sponsored by SNB Capital, which will give financial market training to ambitious Saudi portfolio managers. According to PIF, the initiative intends to set a "high standard for portfolio management practices" in the Saudi market and will play a "crucial role in the development and advancement" of the kingdom's financial markets."The asset management industry plays a vital role to support the efficient allocation of capital and management of risk in the economy, helping to promote economic growth and stability," said Abdulmajeed Alhagbani, head of securities investment at PIF."High-quality professional support, talent and capital are critical enablers of the asset management industry." At the FII summit, PIF also convened its first asset management forum, bringing together major stakeholders in the global asset management business to debate vital challenges and encourage industry best practices. IN FOCUSSAUDI'S PIF DECLARES INITIATIVES TO BOOST ASSET MANAGEMENT INDUSTRY
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