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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Public Investment Fund has been named the world’s most valuable sovereign wealth with a brand value of $1.1 billion, according to an analysis.
In its latest report, UK-based strategic consultancy Brand Finance revealed that Saudi Arabia’s wealth fund secured the top spot in the list due to its diverse investment strategy, trust in its name, and brand awareness, along with being a catalyst for economic advancement in the Kingdom.
“PIF’s value is largely driven by high scores for the brand’s awareness, purpose, and commitment to positive growth,” said Brand Finance.
Moreover, PIF was also ranked the second strongest sovereign wealth fund brand after Abu Dhabi Investment Authority.
According to the report, ADIA was ranked the strongest wealth fund as it scored 63.9 brand strength index points out of 100 with an A+ rating, while PIF received 62.1 points with an A+.
The Qatar Investment Authority, another wealth fund in the region, secured the third spot with 61.02 brand strength index points with an A+ rating.
“According to Brand Finance research, PIF, Abu Dhabi Investment Authority, and Qatar Investment Authority demonstrate impressive brand awareness with A+ brand strength, underscoring the importance of brand perceptions in this sector,” said David Haigh, chairman and CEO of Brand Finance.
He added: “With significant AUM (assets under management) and a long investment horizon, PIF and other sovereign wealth funds are leaning into strategies based on patience and partnership, which we expect to continue to drive the brand perception of these funds in the coming years.”
PIF’s growth prospects
The PIF has been spearheading Saudi Arabia’s economic diversification efforts, as the Kingdom is steadily reducing its dependence on oil, aligned with the goals outlined in Vision 2030.
A report released by Global SWF in April revealed that PIF’s assets under management surpassed $925 billion by the end of March 2024, up from $700 billion at the end of 2022, securing its position as the fifth-largest global sovereign wealth fund, after the government transferred an additional 8 percent stake in Aramco to its portfolio.
“Looking ahead, PIF has ambitious growth prospects, aiming to reach $2 trillion in assets under management by 2030.This ambition has also turbocharged PIF’s brand value and brand strength as it has adopted bold investment strategies that contract other SWF brands,” said Brand Finance in its report.
It added: “PIF has garnered significant media coverage and brand awareness through the purchase of Newcastle United in the UK and the formation of professional men’s golf tour LIV.”
According to the report, the development of ambitious giga-projects in the Kingdom which includes “The Line,” a futuristic 110-mile smart city, has also captured the public imagination, which helped PIF garner the top spot as the most valuable sovereign wealth fund.
“PIF’s position in the ranking is also a testament to its focus on future-proofing the Saudi economy through an initiative known as ‘Vision 2030,’ which aims to diversify the Kingdom’s economy. In a market historically dominated by oil, the initiative aims to create over 30 million private sector jobs,” added the UK-based firm.
Norway’s Norges Bank Investment Management came second in the list of the world’s most valuable sovereign wealth funds with a brand value of $900 million, followed by China Investment Corp. and Government of Singapore Investment Corp. in the third and fourth places, respectively, valued at $700 million each.
With its brand worth $600 million, France’s wealth fund Caisse des depots et consignations secured the fifth spot.
Most valuable asset management brand
According to the report, American investment firm BlackRock was named the world’s most valuable asset management company with a brand value of $7 billion.
“This No.1 ranking reflects its status as the world’s largest money manager, with over $9 trillion of assets under management. This brand value is a testament to BlackRock’s robust revenue growth, innovation, and products focused on meeting customer demand,” said Brand Finance.
US-based multinational finance company J.P.Morgan was named the second most valuable asset management brand, followed by Vanguard, Blackstone, and Fidelity in the third, fourth, and fifth spots, respectively.
Goldman Sachs secured the sixth spot in the list, while State Street Global Advisers and Bank of America were ranked seventh and eighth.
“With 28 of the 50 brands hailing from the US, American firms dominate the asset management ranking,” added Haigh.
The report revealed that J.P.Morgan is the world’s strongest asset management and sovereign wealth fund brand with an index score of 87.4 out of 100 and a AAA rating.
“J.P. Morgan noted exceptional scores across several brand strength metrics, including awareness, familiarity, and performance. The only other brand featured in the rankings to achieve a AAA rating is BlackRock, placed second in terms of brand strength globally,” said Brand Finance.
It added: “JP Morgan Asset Management has broadened its focus beyond investment banking in recent years, with the steadier, less-cyclical income of asset management driving the bank’s expansion.”
French-based BNP Paribas Asset Management became the most valuable non-US firm for brand value, securing 13th place in the overall ranking.
On the other hand, HSBC Asset Management emerged as the strongest among non-US brands, clinching the sixth spot in the overall list.
In April, BlackRock and PIF signed a memorandum of understanding which entitled the former to establish a Riyadh-based multi-asset investment platform.
The platform will be anchored by an initial investment mandate of up to $5 billion from the PIF.
Moreover, both parties have expressed the intention to establish BlackRock Riyadh Investment Management, which will encompass investment strategies across a range of asset classes.
On May 27, the PIF launched a company named Neo Space Group to propel the space and satellite sector in Saudi Arabia.
The company aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy, the fund said in a statement.
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