Saudi’s PIF hires new chief economist

HandshakePublic Investment Fund (PIF), the Saudi-based sovereign wealth fund, has appointed a former International Finance Corporation (IFC) executive as its new chief economist. Ted Chu held the same position at the IFC, a subsidiary of the World Bank, since September 2014. Chu, who was born in China, has also been a chief economist for the Abu Dhabi Investment Authority and assumed similar roles for the likes of General Motors, consultant Arthur D. Little and a Silicon Valley medical startup called Decision Focus. His appointment comes as the PIF, which is chaired by the crown prince Mohammed Bin Salman, embarks on an ambitious expansion plan. It currently manages around $250 billion in assets and is looking to increase this to more than $600 billion by 2020. The PIF is also planning to add 250 new employees to its workforce and to open offices in London and the US later this year. ©2019 funds global mena

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