Northern Trust Asset Management and PIF to Expand Strategic Relationship to Drive Innovation and Development in the Saudi Capital Market

RIYADH - Northern Trust Asset Management (NTAM), a leading global investment management firm, and PIF intend to expand their relationship to include a new systematic quantitative investment strategy for the Saudi Arabian market.

The announcement rounds off joint efforts between NTAM and PIF, under the framework of a non-binding memorandum of understanding (MoU) signed in May this year, for an up to US$1 billion Saudi index strategy, which both parties are working to initiate its execution process in due course.

Made public at the PIF Asset Management Forum, held on the sidelines of the Future Investment Initiative 9th Edition (FII9) in Riyadh, the announcement underscores NTAM's long-term commitment to Saudi Arabia in alignment with PIF to promote further growth and development in the Saudi capital market ecosystem and drive product innovation.

PIF is one of the world's most impactful investors, accelerating the growth of Saudi Arabia's capital market and further driving the country's economic transformation and its impact on global markets.

The new investment strategy will apply a systematic investment process that combines data science, alternative data, and disciplined quantitative factor models to identify and capture sources of excess return in the Saudi equity market. It leverages innovation and research-driven insights to deliver consistent, risk-adjusted performance aligned with market efficiency and transparency.

"For more than 30 years, NTAM has been a pioneer in quantitative investment strategies and we are delighted to bring our innovative, data-driven investment solutions to meet the needs of institutional investors and family offices in Saudi Arabia," said NTAM President, Michael Hunstad, Ph.D. "Through deepening our relationship with PIF, one of the world's most impactful investors, we underscore our commitment to expanding our asset management capabilities and local presence in the dynamic Saudi financial market."

Globally NTAM manages US$48 billion in quantitative strategies across equities and fixed income, as of September 30, 2025. Northern Trust has served clients across the Middle East for more than 35 years and earlier this year announced the expansion of its asset management footprint in Saudi Arabia.

About Northern Trust Asset Management

Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.4 trillion in assets under management as of September 30, 2025, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take - in all market environments and any investment strategy. That's why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2025, Northern Trust had assets under custody/administration of US$18.2 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

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About PIF

PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For more information, visit the website at www.pif.gov.sa

Rupert Trefgarne: [email protected]/ +966 546 0057 33