Franklin Resources Inc. and Neuberger Berman reached multibillion-dollar investment deals with Saudi Arabia’s sovereign wealth fund, the latest signs that the country is attracting US money managers to invest in the kingdom.
Neuberger will work with the nation’s Public Investment Fund to start a Riyadh-based platform supporting as much as $6 billion of investments, according to an emailed statement Wednesday. Franklin signed a similar non-binding agreement for up to $5 billion of investment in Saudi stocks, bonds and private assets.
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