RIYADH: Saudi Arabia’s National Development Fund has appointed Northern Trust to manage over SR60 billion ($16 billion) in assets, advancing its goal to become a global finance leader.
Northern Trust, which recently established its regional headquarters in the Kingdom, will act as custodian for the NDF’s holdings. The role includes consolidating assets from development funds and banks, enhancing financial transparency, and streamlining operations.
This is expected to reduce costs, boost effectiveness, and improve financial security.
The appointment comes as the NDF aims to optimize the performance of Saudi development funds and banks in support of Vision 2030. Northern Trust’s appointment is expected to strengthen the NDF’s ability to meet these goals through unified portfolio management.
“The fund contributes to achieving the goals of Saudi Vision 2030 by improving the efficiency of the development finance ecosystem in the Kingdom and enhancing the financial sustainability of development funds and banks,” said Khalid bin Ibrahim Sharif, vice governor of the NDF.
He emphasized that these efforts will drive sustainable growth, economic diversification, and increased productivity by ensuring the effectiveness of development finance programs, projects, and initiatives.
“We are pleased to choose Northern Trust, a global provider of asset servicing solutions, as they possess extensive experience working with prestigious institutions, sovereign wealth funds, and various development agencies, and have operational models and requirements similar to those of the NDF,” added Sharif.
The NDF’s statement underscored that Northern Trust, with over 37 years of experience in the Middle East, will manage one of the world’s largest custody projects by consolidating the assets and records of all development funds and banks in Saudi Arabia under a single portfolio.
The American financial institution’s role includes safeguarding assets, recording transactions, and providing performance reports, all aimed at achieving the NDF’s strategic goals.
“Northern Trust is committed to expanding its services across the region, investing in infrastructure development, and enhancing skills and expertise to support clients and drive progress in the local market. We remain focused on delivering world-class services and solutions that exceed the evolving needs of our clients,” said Kholoud Al-Dosari, country head of Northern Trust in Saudi Arabia.
In March, the NDF partnered with the World Economic Forum to enhance its global presence in development finance and collaborate with leading financial institutions to address industry challenges.
