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Best fund manager |
The fund management business of Saudi Arabia’s biggest investment bank – NCB Capital – grew assets under management by 23.5% last year, adding SR6.8 billion ($1.8 billion) – 95% of the total market growth last year. NCB Capital has a 37% share of Saudi mutual funds.
One of its most successful funds is its AlAhli Saudi Riyal Trade Fund. With $4.4 billion of assets under management and more than 17,000 clients as of September 2010, it is the biggest Shariah-compliant fund in the world. NCB has also been growing outside the Kingdom following its purchases of London-based multi-family office TCP and Dubai-based private equity firm Eastgate Capital.
Changes in the past year include the development of a new client-centric wealth and fund management model.
NCB Capital has also launched new funds in the past year including a new equities fund that invests in Shariah-compliant Saudi equities, cash, murabaha funds and murabaha transactions. Another new fund invests in a blended portfolio of sukuk and commodity trade finance transactions.
