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Aug 18, 2020
News | Business | Exchange Traded Funds: Saudi Arabia pours $4.7bn into State Street ETFs
Saudi Arabia’s sovereign wealth fund, the Public Investment
Fund, poured nearly $4.7bn into three State Street Global
Advisors exchange traded funds during the second quarter.
PIF has
built positions of $1.6bn in the $2.3bn Real Estate Select Sector SPDR,
$1.9bn in the $12bn Utilities Select Sector SPDR and $1.2bn in the
$3.3bn Materials Select Sector SPDR, disclosures show.
The
stakes were assembled between the end of March and the end of June, and
mean the Saudi fund has joined other government investors such as the
US Federal Reserve in deciding to pump assets into ETFs.
This article was previously published by Ignites, a title owned by the FT Group.
PIF’s
portfolio declaration to the Securities and Exchange Commission does
not appear to include holdings in any other ETFs. The SSGA positions
rank as the fund’s biggest, behind its $2.3bn stake in Uber.
PIF is thought to have been among investors that bought PNC’s $14bn stake in BlackRock during PNC’s divestment sale in May.
The
Fed’s Covid-19 investment facility has meanwhile boosted its ETF
investments to $8.7bn as of July 31, according to the central bank’s
disclosures. That’s up from less than $8bn a month earlier.
iShares
remains the biggest beneficiary of the Fed’s investing. Its ETFs
account for $4.3bn, or 49.3 per cent, of the Fed’s total. That
proportion is essentially unchanged from a month earlier.
State Street’s ETFs have garnered about $1.4bn of the Fed’s ETF investments. Ignites
is a news service published by FT Specialist for professionals working
in the asset management industry. It covers everything from new product
launches to regulations and industry trends. Trials and subscriptions
are available here.
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