NCBC Amundi TCW Strategic Alliance
NCB Capital (licensed by the Capital Market Authority), Saudi Arabia’s leading wealth manager and the Kingdom’s largest asset manager, today announces 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. This alliance will create one of the largest and most diversified Shariah fund platforms in the world.
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 US$11.7 billion of assets under management as at 31st December 2011. From this solid base, NCB Capital wishes 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.
Announcing the alliance, Jawdat Al Halabi, Chief Executive of NCB Capital, said, “As the leading wealth management firm in the region our clients expect us to provide the best and widest range of services to them. This global alliance will substantially enhance our product offering and geographic reach by establishing an even broader platform. It will be a huge benefit to our clients.”
He continued, “By aligning with TCW and Amundi, we are enhancing our strong brand and will have access to highly complementary skills and expertise. Our funds, and therefore our clients, will gain from the proven international capabilities of our two partners.”
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 US$124 billion in assets under management and has a long history of managing funds for institutional clients in the Middle East.
“TCW combines the focus of a specialty asset manager, through our style-specific equity teams, with the proprietary fundamental research and cutting-edge trading capabilities of a large investment firm,’’ said Stephen McDonald, President of the TCW Middle East Group. “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.”
Amundi is a leading global asset manager ranked 2nd in Europe and 9th worldwide in terms of assets with approximately US$852 billion under management. The firm provides and develops alpha-generating solutions for over 3000 of the world’s largest state entities, pension funds, institutions, corporate funds and distributors covering all asset classes and major currencies. Amundi also provides savings solutions for retail networks to meet the needs of more than 100 million customers worldwide. In the Middle East, Amundi has relationships spanning over three decades with all client segments and has over twenty years experience managing Shariah compliant portfolios.
Commenting on the strategic alliance Mr. Jean-Francois Pincon, Head of International Client Development at Amundi, stated, “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 Saudi Arabia’s 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 US$550 million. TCW were assigned three funds - US, Small Cap and Healthcare equities whilst 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.
Mr Al Halabi concluded: “NCB Capital’s market position and the global reach of TCW and Amundi will together form a new global force in Shariah asset management.“