RIYADH: Saudi Arabia’s Public Investment Fund moved up in the global ranking to become the 6th biggest sovereign wealth fund with $580 billion in assets under management. It witnessed the boost following the transfer of a 4 percent stake of Saudi Aramco, Forbes reported citing data released by the Sovereign Wealth Funds Institute, or SWFI. According to the Forbes report, the Kingdom’s sovereign wealth fund earlier ranked 8th worldwide, with $480 billion in assets under management. Global rating agency Moody’s has given the PIF the fifth-highest credit rating, while Fitch Ratings gave the fund a rating of A with a stable outlook. Moody’s described the share transfer of Saudi Aramco to the PIF as credit positive as it increased the fund’s assets under management. The transaction will also improve the fund’s sector diversification, and will add an asset that regularly pays dividends to its portfolio, Moody’s said. The Norwegian State Pension Fund topped the list with $1.4 trillion in assets followed by the China Investment Corp. with assets worth $1.22 trillion. The Kuwait Investment Authority was ranked third with $737.9 billion, followed by the Abu Dhabi Investment Authority with $698 billion and then Hong Kong Monetary Authority Fund in the 5th position.