The leadership changes come as Hassana has taken on a more expansive role with global asset managers and international investments. It’s helping attract foreign managers to the kingdom, a key part of plans to develop the country’s financial system and fuel its economic diversification.
Hassana is serving as an anchor investor in joint ventures being set up in the kingdom by Brookfield Asset Management and State Street Global Advisors, and has written big checks to back TPG’s climate fund and other international vehicles. Its investment portfolio has expanded significantly in both size and geographic footprint since its early focus on Saudi equities and real estate.
While management changes are not uncommon, a shake-up of this magnitude at a Gulf investment institution is rare and could signal a strategic shift. Since its 2021 merger with the Public Pension Agency, Hassana has grown in prominence and now manages the vast majority of retirement savings for Saudi citizens, making its performance key to the kingdom’s social security system.