Mideast Wealth Fund Taps Jadwa to Shift $1 Billion in Assets

One of the Middle East’s oldest sovereign investors has hired Saudi Arabian firm Jadwa Investment to shift about $1 billion in assets as part of a major strategic overhaul.

The Arab Investment Co. appointed Jadwa as a financial adviser to help reallocate money from the sale of legacy investments, according to Chief Executive Officer Abdullah Bakhraibah.

TAIC, as the fund is known, plans to shift as much as $800 million before the end of the year, primarily into public markets, he said in an interview.

The move is part of a turnaround at the firm that includes selling everything ...