MENA Awards 2022: Winner Profiles
This article is part of the 2023 Winter Magazine, which can be accessed here.
Emirates NBD has been selected as winner of the Best Asset Manager award at the Global Investor MENA Awards 2022 while Boubyan Capital secured the Best Wealth Manager title.
EFG Hermes also performed well in the past year resulting in the Egyptian financial services company not only being awarded the Best Broker nod in the MENA region but also in Egypt, Kuwait, Oman, Saudi Arabia and the United Arab Emirates.
CI Capital was also recognised as the Best Cash Manager award and Best Asset Manager – Egypt.
The Dubai Gold and Commodities Exchange has once again won in the Best Exchange and also secured the Best Clearing House categories, while CME Group returned to win the Best International Exchange title.
Saudi Arabia’s Al Rajhi Capital has remained on track, leading them to secure the Best Equities Manager and Best Asset Manager – Saudi Arabia awards once again.
HSBC stayed strong and placed first in the sub-custodian category but also managed to win the Best Custodian title for the MENA region. The multinational bank also secured the Fund Administrator award for 2022.
Citi has been awarded the Best Transition Manager award once again. In addition to winning the Best ETF Provider and Sharia’ Manager nods, Al Rayan Investment has also been recognised as Best Asset Manager in Qatar.
SCL Advisory has earned the Best Consultant award, while Best Sukuk Manager was handed out to SICO who has also managed to secure the Bahrain Asset Manager and Bahrain Broker wins.
The 2022 MENA Awards opened on 5 October 2022 and saw firms across the region submit their entries for a chance to win an award across 17 regional and 24 country categories. Entries shut on 21 November.
The companies were asked to submit their entry form along with any supporting evidence. The consideration period for the companies ranged from the 1 September 2021 to 31 August 2022.
MENA AWARDS WINNER PROFILES
EMIRATES NBD CAPITAL
Asset Manager of the Year
Dubai-based Emirates NBD Capital (EMCAP), the global investment bank of Emirates NBD Group, was the recipient of the 2022 Asset Manager of the Year award.
Its reach covers the GCC region, Asia, Africa and Europe. Between January and November 2022, the firm participated in nearly 20 public transactions spanning the GCC and Asian regions, raising over USD15bn for sovereign, financial institutions and corporate clients. It has three areas of focus: equity capital markets and corporate finance advisory, loan syndications and debt capital markets.
EMCAP highlights the work of its equity capital markets team, which closed several initial public offering deals in 2022, including that of several regional utility companies (for instance, Dubai’s DEWA), Dubai-based school operator Taaleem and real estate company TECOM. The total cumulated IPO proceeds reached USD8.5bn and total demand raised over USD170bn. It has also acted on a number of high-profile privatisation transactions.
Hesham Abdulla Al Qassim, EMCAP Vice Chairman and Managing Director, noted in a recent financial report that ‘Emirates NBD played a leading role in the country’s recent IPOs, enabling new and existing customers to access and trade shares on the Dubai Financial Markets.
MENA Broker of the Year • Egypt Broker of the Year • Kuwait Broker of the Year • Oman Broker of the Year • Saudi Arabia Broker of the Year • UAE Broker of the Year
EFG Hermes was recognised several times in Global Investor’s 2022 MENA awards, including in five regional broker categories and for the coveted MENA Broker of the Year award.
Its securities brokerage business covers 12 markets in the MENA region as well as over 75 frontier emerging markets (FEMs). This global coverage is reflected in the growth of the brokerage’s client base, which comprises over 1,800 Western, GCC and high net worth institutions, as well as over 140,000 retail and VIP individuals. In parallel, its research team now covers 83% of the MENA market capitalisation (or 327 companies), and 37% of the coverage universe for FEMs (or 120 companies).
The Egyptian financial services company has had another good year, capitalising on the market recovery in the aftermath of the Covid pandemic in 2021 and 2022.
In Egypt, EFG topped market rankings, rising its market share to 44.6% in the first half of 2022 (up from33.8% in 2021). The firm was the preferred broker for foreign investors, capturing over than 61% of the foreign flow in the market during the same period. Two successful advisory roles the firm highlights include its role in the dual listing of Integrated Diagnostics Holdings in Egypt and the UK, and the sale by Bank Audi of 100% of the share capital of its Egypt-based subsidiary, Bank Audi S.A.E, to First Abu Dhabi Bank PJSC.
In Kuwait, the firm grew its market share to 31% in the first half of 2022, placing it in second position, though it captured nearly two-thirds of the foreign flow in the market.
EFG Hermes was in the top six in terms of market share in Oman (15% in 1H22). EFG Hermes Oman also captured nearly 15% of the foreign flow during the same period.
The firm was also strong in Saudi Arabia, placing among the top independent brokers and foreign brokers in 2022. In terms of foreign market share, EFG Hermes was successful in capturing a growing proportion of the qualified foreign investor market. It’s worth noting that the firm’s market share from Swaps and QFI business was around 5% in both FY21 and 1H22.
In the UAE, EFG Hermes notes that it was in second place in the first half of 2022, growing its share to 21.3%. For Dubai, EFG Hermes was first, on account of a 43.8% market share, and in Abu Dhabi, it was second with a 16.5% slice of the market. The firm captured 42% of the foreign flow on both exchanges combined during the same period.
AL RAJHI CAPITAL
Equities Manager of the Year • Saudi Arabia Asset Manager of the Year
Al Rajhi Capital, the investment banking arm of Saudi Arabia’s Al-Rajhi Bank, won the 2022 Equities Manager and Saudi Arabia Asset Manager of the Year awards.
It is one of the largest fund managers in Saudi Arabia and the MENA region, with assets under management around SAR60 billion (GBP12 billion), one of the largest financial advisors in the debt markets, and a global leader in the issuance of sukuk. The firm notes it is a ‘high-quality Islamic Shariah compliant investment solutions provider that constantly endeavours to launch innovative products and customer-focused initiatives’.
Al Rajhi Capital was in the news in late 2022, advising on the public offering of Al-Rajhi Bank’s Tier 1 Sukuk on Saudi’s Tadawul exchange, which attracted over 125,000 subscribers. This is the first sukuk of its kind for a financial institution in the Saudi Arabia.
The firm highlights several contributing factors to its success. Its ‘strong structured and well-defined analytical approach, which includes quantitative and qualitative filters to select investments, coupled with a good analysis,’ is the foundation of its strategy. In addition, real-time monitoring and updating of pricing, market opportunities and trade volumes ensure it is well-placed to support clients’ investment objectives.
It also credits several principles as an integral part of its strategy: Superior risk adjusted performance: Al Rajhi Capital products are structured to deliver ‘superior risk balanced investment returns’ in various market conditions and are ‘benchmarked against competitors to ensure optimal performance’.
Stringent risk management: the firm adheres to a rigorous risk management framework which ensures ‘accountability to both regulators and investors via monitoring and reacting to market volatility, credit and operational risks’.
Shariah compliance: Al Rajhi Capital business is governed by principles of Islamic shariah policies and procedures.
AL RAYAN INVESTMENT
Sharia Manager of the Year • ETF Provider of the Year • Qatar Asset Manager of the Year
Al Rayan Investment (ARI) is a leading investment management firm that specialises in Gulf-listed equities and sukuk, backed by a unified research team.
The firm’s investment approach is focused on identifying and taking advantage of the significant valuation and information discrepancies that exist in the Gulf region. All ARI’s investments are in compliance with Islamic laws, allowing investors to gain a broader perspective from researching and investing on both sides of the capital structure.
ARI manages the Al Rayan GCC Fund, which is the second-largest Shariah-compliant GCC Fund in the region, with assets under management of $96 million. The fund has achieved a 14.5% return over the past 12 months with relatively low risk, as reflected in a high Sharpe ratio of 0.77. Since its inception, the fund has returned 153%.
In March 2018, ARI listed the Al Rayan Qatar ETF (ticker QATR) on the Qatar Stock Exchange. As of the end of August 2022, QATR is the second-largest Islamic equity ETF in the world, with a market capitalisation of $175 million. In addition, ARI manages several segregated mandates, totalling $1.2 billion, for institutional investors and family offices.
The company has developed in-house research capabilities to identify broad trends and identify individual opportunities. The use of primary research is at the core of ARI’s decision-making process. With the listing of Al Rayan Qatar ETF, ARI has established itself as the leading ETF issuer in the Gulf, with an ETF that is half as large as all other ETFs in the region combined.
Listed on the Qatar Stock Exchange, QATR tracks the QE Al Rayan Islamic index, which includes Shariah compliant stocks in Qatar. Over the past 12 months, the NAV tracking error has been just 0.07%. As of the end of August 2022, QATR is the world’s fifth-largest Islamic equity ETF. It has two peers that also offer exposure to Qatari equities, but QATR is the largest and most cost effective of the three.
Cash Manager of the Year • Egypt Asset Manager of the Year
Egypt-headquartered CI Capital received this year’s Cash Manager and Egypt Asset Manager of the Year awards in recognition of its efforts in the asset management space.
Abol-Enein, CI Capital Asset Management (CIAM) CEO and Managing Director said the firm’s aim in 2022 was to increase the size of its asset management portfolio. It grew the size of its assets under management (AUM) from EGP 14.5 billion (GBP392.1 million) to EGP 49.7 billion, making it the largest asset manager in its home country and one of the largest in the Middle East region. It credits the increase in year-on-year AuM to factors such as the onboarding of new client accounts across most asset classes.
In the year ending August 2022, CIAM increased its offering of money market funds, fixed income funds, and balanced funds. It currently manages Egypt’s largest portfolio of cash management tools, which includes 13 money market funds, including Egypt only foreign currency-denominated funds, and four fixed income instrument funds. In 2022, the firm announced plans to launch three new funds, a cash fund investing in short-term debt instruments, including a large segment dedicated to individuals and companies, as well as a fund for commodities.
CIAM’s money market and fixed income funds have been ranked among the best performing according to reports by the Egyptian Investment Management Association. The firm grew across all asset classes including equities and Shariah-compliant and fixed income. It notes that it achieved first quartile ranking among peers and delivered positive alpha in its discretionary equity portfolios relative to the main benchmark.
Exchange of the Year • Clearing House of the Year
Established 16 years ago, Dubai Gold & Commodities Exchange (DGCX) is the largest and most diversified derivatives exchange in the Middle East, providing guaranteed settlement and reduced counterparty risk through the Dubai Commodities Clearing Corporation (DCCC), a subsidiary 100% owned by DGCX.
DCCC started clearing several new products launched by DGCX over the course of the year, including the Israeli Shekel Futures Contract in June 2022, following the receipt of a permit from the Israel Securities Authority in 2021.
DGCX continues to witness strong investor appetite for its currencies portfolio despite the economic turbulence taking place around the world causing continuous foreign exchange (FX) and global market volatility. DGCX’s blue chip Indian SSF offering allows local and regional trader access to the price performance of a total of 50 stocks listed on the major trading indices in India, traded and settled in USD thus removing foreign exchange risk, with the advantage of centralised clearing.
DGCX also signed an agreement with FinMet Pte Ltd to review the physical bullion market and identify opportunities for DGCX across global markets, and already launched new Physical Gold Futures and Spot Gold Contracts, expanding its existing product offering.
Dubai Commodities Clearing Corporation (DCCC) provides clearing, settlement, and risk management services to DGCX and is the only Central Counter Party in the Middle East that offers clearing services across multiple asset classes: Currencies, Base and Precious Metals, Hydrocarbons and Equity derivatives, both index and single stock.
DCCC also remains the only clearing house globally with a proven track record in clearing and delivering a physical, exchange traded Shari’ah compliant product, the DGCX Spot Gold contract.
In addition, DCCC is a member of CCP12, a global organisation of CCPs which work together to minimise global systemic risk and enhance the efficiency and effectiveness of international markets, and a member of Euroclear Bank and Clearstream for collateral solutions.
During the qualifying period, DCCC cleared nearly 8.65 million contracts, with a cleared value of more than USD 173.90 billion, cementing its leading position within key markets.
Consultant of the Year
SCL Advisory has scooped up the Consultant of the Year award in 2022, taking over from previous winner Insight Discovery. Founded in 2017, the firm supports several securities exchanges and other financial institutions across emerging and frontier markets including in the MENA region, Sub-Saharan Africa and South Asia, and since adding data monetisation and data services in 2020, it has seen its client base grow further.
The firm notes it has won tenders/requests for proposals against its competitors for the provision of data services and data monetisation to securities exchanges. ‘Our clients have indicated our success against these global players is due to SCL Advisory’s unique perspective on the data monetisation market as well as dedicated service to its clients,’ notes managing director Selloua Chakri.
Fund Administrator of the Year • Global Custodian of the Year • Sub-Custodian of the Year
HSBC won the Fund Administrator of the Year 2022 award, taking over from Northern Trust who was the winner last year. The Anglo-Asian bank was one of the first financial institutions to launch fund administration services in the MENA region and manage funds in key markets in the region.
It plays an active role in the MENA fund markets and has relationships with many of the region’s asset managers supporting services such as transfer agency, performance measurement and investment compliance monitoring.
It has also picked to the Global Custodian and Sub-Custodian of the Year awards, the latter for the second year running. The lender had US$10.8 trillion in assets under custody as of the end of 2021 and is one of the most active custodians in the MENA region, counting sovereign wealth managers, asset managers, pension funds and insurance companies as clients. HSBC came out top in Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia and the UAE in Global Investor 2022 Sub-Custody survey.
According to Nabeel Abdul Rahim Albloushi, HSBC’s head of corporate sales for the Middle East, North Africa and Turkey, and head of markets and securities services in the UAE, HSBC’s banking and markets capabilities in the UAE and the wider region helped clients in the Middle East and North Africa raise more than $19 billion from investors worldwide in 2021 and more than $15bn in the first half of 2022.
Transition Manager of the Year
Citi has returned for yet another year to win the MENA Transition Manager of the Year award. Year to date, the US-headquartered bank has transitioned over $15bn of assets for its MENA-based clients while continuing to build new relationships across the region. Notably, it credits its ‘tailored solutions-based approach’ to each transition mandate which ensures all client requirements are met and risks are managed efficiently.
In the equities space, Citi leverages its own infrastructure, with local trading desks in over 70 countries, while in fixed income, it can minimise costs associated with a transition by utilising other broker-dealers and its own bond inventory.
‘Our strong performance is highlighted by a 90% win rate for transition bids this year,’ it notes. ‘Our drive to deliver transparency around our transitions is achieved via our detailed Pre-Trade, Interim and Post-Trade reporting… the extent of the reporting is reflective of both our clients’ expectations and the specific asset class being transitioned.’
The bank, which has over 30 years of experience in the transition management space, has shared some highlights which have underpinned its recent strategy.
While last year Citi was focusing on supporting MENA based clients in their global post-Covid recovery efforts, it notes that more recently, the strategy has moved to addressing the ‘significant rise in volatility’ and its impact on the near and long-term shift in asset allocation. As such, Citi has executed multiple fixed income transitions on an agency basis across the entire liquidity and risk spectrum during the height of market volatility. Across equities, Citi’s MENA clients have shifted into active emerging market portfolios focused within single countries and sectors.
International Exchange of the Year
CME Group is a leading and diverse financial marketplace offering a wide range of products for managing risk in uncertain times. It is the only exchange that allows customers to trade all investible asset classes on one platform.
For example, CME Group offers unique tools to manage interest rate risk during Libor transition, including Eurodollars, SOFR futures, SOFR swaps, Term SOFR, and BSBY. In addition CME Group actively educates local markets in MENA on Libor transition and facilitates access to CME Term SOFR.
CME Group introduced new products to help clients with their ESG goals, including Global Emissions Offset futures, Nature-Based Global Emissions Offset futures and Cobalt and Lithium Futures. They also launched new futures and indices, such as Ether Futures, Micro Bitcoin Futures, Micro Ether Futures (Crypto), BSBY futures, Micro Yield Futures, Trade-at-Settle (Interest Rates) and Micro WTI Futures, Japanese Power Futures, (Energy) to diversify their product offering. Additionally, CME Group has developed more than 40 Implied Volatility Indices (CVOL) which are the first cross-assets class volatility indices in the industry.
CME Group is extremely focused on meeting the needs of their clients through various engagement efforts such as hosting events and providing educational resources. They saw a 17% increase in customer engagement in 2021 and hosted a variety of online and in-person events in the Middle East. Additionally, the group hosted the first ‘MENA Derivatives Trading Challenge’ and embedded educational content on our partners’ websites.
CME Group’s total volume has steadily increased during non-U.S. trading hours, reaching a record 5.5 million in average daily volume (ADV) in 2021. The MENA region has seen strong growth in volumes across all client segments, with an over 50% Year-on-Year growth in 2022.
Bahrain Broker of the Year • Sukuk Manager of the Year • Bahrain Asset Manager of the Year
SICO also once again won the Sukuk manager of the year and Bahrain broker of the year awards.
SICO is a well-established and reputable firm in the financial industry, known for its exceptional performance in asset management, brokerage, and investment banking. The company has an impressive track record with over $4.75 billion in assets under management, making it a leading player in the region. SICO operates under the oversight of the Central Bank of Bahrain, which ensures that the firm adheres to a strict regulatory framework, providing clients with full confidence in the services offered.
The company caters to a diverse range of clients, including sovereign wealth funds, pension funds, endowments, insurance companies, commercial banks, and funds. These clients are primarily based in five of the six GCC states, and SICO’s unique selling point is its inhouse research team that covers hundreds of companies in the GCC. This team provides investment managers with daily ideas and insights, giving SICO a competitive edge over other firms that rely on external or delayed research to make investment decisions.
SICO’s brokerage division has consistently been named as Bahrain Bourse’s number one broker for over two decades. In 2017, SICO launched its SICO LIVE online trading platform, which provides clients with seamless multi-market access across regional and international stock markets.
In 2022, SICO took a step further and launched a simplified digital onboarding process for SICO LIVE, empowering customers in Bahrain to open an account using only two IDs and a selfie through an eKYC service by BENEFIT. This move made SICO the first investment bank in the Kingdom of Bahrain to obtain an accreditation certificate from the BENEFIT Company, which facilitates the process of securely registering customers to enjoy SICO LIVE’s online trading services. The eKYC identification service enables SICO LIVE customers to register quicker, more seamlessly, and more securely.
Wealth Manager of the Year
Boubyan Capital, which is the investment arm of Boubyan Bank, is a company that specialises in providing wealth management solutions to its clients, primarily in the form of investment funds. The company boasts a dedicated team of 40 professionals with expertise in asset management and brokerage. Boubyan Capital offers a range of solutions that cover diversified asset classes. These solutions include:
Boubyan KD Money Market Fund II: The fund is an Islamic investment fund that generates competitive shariah-compliant returns by investing in short and medium-term money market instruments, wakalah and mudaraba deposits, and high-quality government and corporate sukuk.
Boubyan USD Liquidity Fund: The fund aims to generate shariah-compliant returns with high liquidity by investing in short and medium-term money instruments such as bank deposits, sukuk, deposit certificates, and repurchase agreements.
Boubyan Multi Asset Holding Fund: The fund aims to gain shariah-compliant returns by investing in various Islamic funds, diversifying its holdings across different asset classes and sectors such as fixed income and global equity ETFs.
Islamic Global Sukuk Fund: The fund aims to generate long-term positive returns with balanced risk by investing mainly in investment-grade sovereign, quasi-sovereign, and corporate sukuk denominated in USD, from local, GCC, and global markets.
Local and GCC Equity Fund: The fund is a regional equity fund that seeks to generate competitive returns with acceptable risk by investing strategically in bluechip companies listed on Boursa Kuwait and other GCC markets.
Boubyan Capital offers a wide range of investment options to its clients that cater to different investment needs and objectives, and it is committed to providing its clients with a diversified range of Shariah-compliant investment solutions.
QNB FINANCIAL SERVICES
Qatar Broker of the Year
Qatar National Bank Financial Services (QNBFS) had a successful year in 2022, continuing to grow and expand its offerings, while maintaining continuity for its customers during uncertain global economic conditions.
QNBFS has established itself as a top player in the Qatari brokerage industry by addressing the lack of Qatar-specific information and analysis among both local and international investors and offering investment opportunities for local individuals and corporations to diversify their portfolios outside of Qatar.
In 2022, QNBFS had a successful year, remaining a leading institutional Qatari brokerage with a market share of 60% of all domestic and foreign corporate volumes, and over 25% of total QSE market share. The company also achieved the top broker status in Listed Qatari Bonds and organised 150 quarterly earnings calls for major listed Qatari companies, which helped the QSE lead the region in the adoption rate of earnings calls and their transcripts.
Additionally, QNBFS developed an initiative called Liquidity Provision (LP) to support locally listed companies and overall market liquidity. The company also expanded its Margin Trading offering and became a leader in the space, upgraded its online trading system for retail investors, and provided insightful and independent research as a core offering. The research team covers over 20 major companies listed on the QSE, in addition to market and sector reports and covering key stocks in GCC. QNBFS is the only broker that covers Qatari equities from Qatar.
QNBFS’s key differentiators include being an agency only broker that specialises in trading on behalf of clients. They are known for providing efficient execution for large blocks of stock or thinly traded securities through block trading. QNBFS also can trade multiple markets in multiple currencies. Research is at the core of their offering, providing insightful and independent analysis. They are in close proximity to the companies they cover and have long-established quality institutional relationships.
AL ARABI INVESTMENT GROUP
Jordan Broker of the Year • Jordan Asset Manager of the Year
Al Arabi Investment Group Co. (AB Invest) is the investment banking arm of Arab Bank, a well-established financial institution in the region.
AB Invest offers a wide range of services, including brokerage, research, asset management, corporate finance, and private equity. The company is particularly well known as the leading private asset manager in Jordan, managing a significant amount of third-party assets. Additionally, AB Invest has launched several funds that focus on the MENA region and are both conventional and Shariah-compliant, investing across different asset classes.
In 2022, AB Invest’s brokerage division experienced substantial growth, more than doubling its market share in the first eight months of the year. This allowed the company to increase its market share to 8.83% from 3.87% in 2021 and move up the rankings from 7th to 1st among 56 licensed brokers in terms of value traded of listed securities on the Amman Stock Exchange (ASE).
AB Invest is also a leading broker for Jordanians who invest in the MENA region and internationally, in Europe and the USA. The company, in partnership with Arab Bank, launched e-Tadawul, a digital platform that allows Arab Bank clients to easily access AB Invest’s foreign brokerage services in a paperless manner. Despite the uncertainty and geopolitical risks in 2022, such as the war in Ukraine and rising inflation rates leading to large interest rate hikes by central banks, AB Invest’s Fund achieved a return of 2.23% as of the end of Q3 2022 on a year-to-date basis, which was better than the -2.08% return by the Dow Jones MENA Index and -2.44% return by the S&P Pan Arab Investable Index.
AL DHABI CAPITAL
UAE Asset Manager of the Year
Al Dhabi Capital is a reputable investment management company that focuses on managing assets in the Middle East and North Africa (MENA) region.
As of August 2022, the firm has over $500 million in assets under management, including portfolios for UAE, long-only MENA, and MENA dividends. The MENA Equity team has consistently achieved outstanding returns since the portfolio’s establishment in January 2012, with a return of 374.60% compared to the S&P Pan Arab’s return of 149.65%, resulting in a significant outperformance of 224.95%.
On an annualised basis, the MENA Long only Equity Strategy has consistently outperformed the benchmark across all time periods and has delivered high returns compared to its peers. The strategy has delivered consistent returns in the upper quartile and has outperformed the median manager in the MENA Equity universe over the past 10 years. The portfolio has performed well in both up and down markets.
In 2021, Al Dhabi’s MENA equity portfolio performed exceptionally well, returning 51.8% to its investors. Despite global challenges, the team is on track to deliver another year of strong returns for shareholders in 2022. With more investors turning to MENA equities as a bright spot in a challenging environment, Al Dhabi is well-positioned to assist clients in achieving their investment goals.
The firm has a stable and experienced team with a long tenure, and a diverse team of investment professionals with nearly 80 years of combined investment experience and strong academic credentials such as CFA, PhD, MBA, and master’s in finance and economics. The team comprises of both male and female investment professionals from four different nationalities, each with unique specialisations within the MENA markets.
Oman Asset Manager of the Year
The Bank Muscat Oryx Fund is a flagship offering for both retail and institutional investors. The fund, which is focused on the MENA region, has a strong performance history, having delivered a 35.3% return in 2021 compared to a gain of 31.4% in the regional benchmark index during the same period.
The fund is the top performing MENA-focused fund among its peers, which includes 17 funds, and has outperformed the average competitor by 1.2x over the past 10 years. This success is due to a disciplined and dynamic approach to investing in regional markets that prioritises long-term value over short-term gains. The fund has received multiple awards for its outstanding performance, such as the Refinitiv Lipper Fund award for the best performing MENA fund over 3 and 5 year periods in 2020.
Bank Muscat’s Asset Management division (AMD) is a highly reputable asset manager in the MENA region, with assets under management of around $2.5 billion as of September 30th, 2022. The division has a strong track record of managing funds and portfolios since 1993 and offers a wide range of investment options including equities, fixed income, real estate, and alternative investment classes. The success of the bank’s AMD is due to the skilled team of fund managers and their solid performance.
Bank Muscat’s customer base includes reputable Omani and regional institutional investors, such as pension funds, sovereign wealth funds, corporations, and high net worth individuals/family offices.
Kuwait Asset Manager of the Year
Investment manager NBK Capital, part of the National Bank of Kuwait, won the Kuwait Asset Manager award. It has highlighted the team’s ‘in-depth knowledge of local and regional markets, strong research capabilities, and disciplined investment strategy
The firm, which also has a presence in Dubai, Istanbul and Cairo, had USD7.8 billion in global and regional assets under managements as of December 2022.
NBK Capital manages four equity mutual funds as well as separately managed accounts investing in regional and global equity fixed income instruments.
The firm’s NBK Kuwait Equity Fund invests primarily in Kuwaiti domiciled and listed equities, and its performance is measured against the S&P Kuwait Custom Index benchmark.
KUWAIT FINANCIAL CENTRE K.P.S.C. (MARKAZ)
Kuwait Wealth Manager of the Year
Kuwait Financial Centre (Markaz) received the Kuwait Wealth Manager award in Global Investor’s 2022 MENA awards, testament its strong track record as one of the leading asset management and investment banking institutions in the Arab region.
The firm, founded in 1974, had assets under management of USD 3.78 Billion as of June 2022. It manages a range of funds, which invest in both Kuwaiti and GCC equities, fixed income and real estate, as well as Shariah-compliant instruments. Its wealth management business provides local, regional and global asset allocation across five asset classes: equities, fixed income, currencies, commodities, and real estate.
Markaz highlights the development of new investment products as a key to its success. It recently launched new focused strategy mandates: the ‘Opportunistic Portfolio,’ which invests in stocks that address certain market themes and trends to deliver a higher level of absolute returns, and the ‘Dividend-Yield Portfolio,’ focusing on companies that have sustainable dividend growth strategy.
The firm prides itself on helping ‘widen investors’ horizons’.
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