Saudi PIF said to be working with Klein, Evercore on strategy

Saudi Arabia's Public Investment Fund (PIF) is working with former Citigroup Inc. executive Michael Klein and United States-based Evercore Inc. to lay down its global investment strategy and financing plans, Bloomberg reported on Tuesday, citing unnamed sources with the knowledge of the matter.

Klein is providing advisory services for the Kingdom’s sovereign wealth fund on partnerships with international companies and is working closely with PIF’s Managing Director Yasir Al-Rumayyan.

Evercore is advising on strategic and funding options, the sources added.

Klein was earlier said to be providing strategic advice to the Saudi government for the planned share sale of state-run oil giant Aramco, with Evercore working alongside rival Moelis & Co. as a financial adviser on the offering.