Saudi National Development Fund seals $3.2B Northern Trust deal
New partnership aims to strengthen asset management and expand global investment reach
WASHINGTON (MNTV) — Saudi Arabia’s National Development Fund has signed a $3.2 billion memorandum of understanding with U.S.-based financial services firm Northern Trust during the Saudi-US Investment Forum.
The agreement is designed to strengthen long-term financial sustainability and accelerate the Kingdom’s national development goals.
The agreement focuses on improving the efficiency of asset management operations and widening the fund’s international investment portfolio.
According to the Saudi Press Agency, Northern Trust will oversee global passive equity investments and deliver investment-management services aligned with both Saudi and global strategies.
Under the deal, Northern Trust will also serve as custodian of the fund’s assets and manage a dedicated global equity portfolio designed to support stable and sustainable returns over time.
Both parties said the partnership is structured to reinforce the fund’s long-term mission and enhance its global financial footprint.
A joint working group will be established to develop an execution plan and assess opportunities for new investment products that could further strengthen the fund’s asset-management capabilities.
Officials added that the collaboration is expected to deepen financial expertise and introduce innovative tools to support Saudi Arabia’s broader economic transformation goals.
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