RIYADH: NCB Capital, a wealth manager and the
Kingdom’s largest asset manager, has announced a global strategic alliance with
the Trust Company of the West (TCW) and Amundi to manage its international
equity funds and aid the expansion of its products and services
internationally.
“The
alliance will create one of the largest and most diversified Shariah fund
platforms in the world,” Jawdat Al-Halabi, chief executive of NCB Capital, said
at a press conference in Riyadh.
“As the
leading wealth management firm in the region, our clients expect us to provide
them with the widest range of services,” he said.
The
strategic alliance will substantially enhance the product offering and
geographic reach by establishing an even broader platform, which will be a huge
benefit to our clients, he added.
Al-Halabi
said by aligning with TCW and Amundi, NCB Capital will enhance its strong brand
and will have access to highly complementary skills and expertise.
“Our
clients will gain from the proven international capabilities of our two
partners.”
NCB
Capital’s market position and the global reach of TCW and Amundi will together
form a new global force in Shariah asset management,” he said.
NCB
Capital’s award-winning asset management business is the market leader in Saudi
Arabia with a strong range of funds, and a portfolio of SR44 billion ($11.7
billion) of assets under management (as at Dec. 31, 2011).
From
this solid base, NCB Capital targets to grow its presence throughout the wider
GCC region as well as providing an ever-larger range of international
investment products for its clients. It has chosen the combined expertise of
TCW and Amundi to address this objective.”
Al-Halabi
said NCB Capital undertook a rigorous selection process with a number of the
world’s leading asset managers, choosing TCW for its leadership in US markets
and Amundi for its global reach, the combined platform providing access to
award winning track records for its clients.
Founded
in 1971 and based in Los Angeles, TCW develops and manages a broad range of US
equity, US fixed income, alternative and international strategies and
innovative investment products. The firm has approximately $124 billion in
assets under management and has a long history of managing funds for
institutional clients in the Middle East.
Stephen
McDonald, president of the TCW Middle East Group, said his company combined the
focus of a specialty asset manager, through its style-specific equity teams,
with the proprietary fundamental research and cutting-edge trading capabilities
of a large investment firm.
“The
teams managing funds for NCB Capital have consistently generated strong results
for their shareholders and we look forward to expanding our capabilities
through our partnership with the leading asset manager in Saudi Arabia,”
McDonald said.
Jean-Francois
Pincon, head of international client development at Amundi, said: “We are proud
to contribute to this partnership because it will represent a major force in
Shariah compliant investment management. NCB Capital’s clients stand to benefit
from the best disciplines that each of our three organizations has to offer. We
see it as the perfect match. Our clients will be able to tap a deep reservoir
of expertise in both Shariah and conventional formats, in various asset classes
ranging from developed to emerging markets.”
Following
Capital Market Authority approvals, TCW and Amundi have begun managing seven of
NCB Capital’s AlAhli range of international mutual funds with a combined total
of $550 million. TCW was assigned three funds: US, Small Cap and Healthcare
equities, while Amundi now manage four funds: Global, Emerging Markets, Asia
Pacific and European equities.
Initially,
the combined platform will target Saudi investors and in due course its scope
will be expanded to international clients.
With
multiple projects in the pipeline, initially across equity and fixed income
asset classes, NCB Capital will augment its range of Shariah-compliant
investment products and will be able to call on the entire range of TCW and
Amundi conventional strategies, to the benefit of investors throughout the
Kingdom and internationally.
MOHAMMED
RASOOLDEEN | ARAB NEWS
Business & Investment Opportunities
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