NCB Capital, Saudi Arabia’s largest investment bank and a leading GCC wealth manager, is proud to announce that it has been named “Best Fund Manager” in the Euromoney Islamic Finance Awards 2011. The award was made at a ceremony in London on 24th February.
Highlighting excellence in the global Islamic finance arena, Euromoney noted that NCB Capital “Is a world leader in developing Islamic investment solutions, having launched the first Shariah-compliant real estate fund and managing the most diverse Shariah-compliant product portfolio of any bank in the GCC region.”
It further added “Whether it is its expansion of innovative and client-inspired solution offerings or solid AUM growth, NCB Capital continues to demonstrate leadership that is firmly built on top of client-centric business conduct making it an obvious choice for this award”
Accepting the award for NCB Capital, Jawdat Al Halabi, Chief Executive Officer, said, “The Euromoney awards are acknowledged as a true industry gold standard. We are proud to have been honoured for our work with clients in Islamic finance in this way.”
NCB Capital’s strength in Islamic fund management is typified by its AlAhli Saudi Riyal Trade Fund. With assets under management at a record SAR 16.5 Billion (US$ 4.4 Billion) and more than 17,000 clients as of December 2010, it is the largest Shariah-compliant fund in the world.
More broadly, NCB Capital has grown its assets under management by 23.46 percent since January 2010, adding SR6.8 billion which represents 95 percent of the total market’s growth last year and today it has a 36 percent share of Saudi mutual funds (Tadawul, December 2010).
NCB Capital also expanded its Discretionary Portfolio Management service growing overall AUM 20% as a result. High calibre portfolio managers and profound active management experience have been commonly noted as reasons for winning these mandates.