Kingdom Holding (4280.SE) of Saudi Arabia announced on Thursday a 1.01 billion Saudi riyal ($269 million) investment in M&G Plc, a UK-listed worldwide insurance and asset management group (MNG.L).

The investment in M&G Plc, which has more than $370 billion in assets under management, is consistent with the business’s objective of investing in global market leaders, according to the company, which is largely controlled by Saudi Arabia’s Prince Alwaleed Bin Talal.

The Public Investment Fund of Saudi Arabia purchased a 16.87 percent interest in Kingdom Holding in May.

Source: Reuters

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