Forbes Middle East has unveiled its Top 30 Asset Managers ranking, highlighting the region’s specialists offering investors an avenue to diversify their portfolios, access professional management expertise, and participate in the region’s economic growth story. Combined, the 30 asset managers oversaw more than $340 billion in assets in 2023, including local and international equity and debt funds, discretionary portfolios, real estate investments, REITS, and private equity. Individuals were ranked based on their past experiences, key achievements in the last year, and the firm’s total assets under management (AUM).
Rashed Sharif, CEO of SNB Capital, topped the list, controlling $65.6 billion in AUM as of December 2023. SNB Capital was a joint lead manager of the debt issuance of Saudi’s Ministry of Finance in 2023. Sharif became chairman of the CMA Capital Market Institutions Committee and a member of the CMA Advisory Committee in 2023. Investcorp’s Mohammed Alardhi placed second, managing $52.2 billion in AUM as of December 2023. Ranking third, Alinma Investment’s Mazin Fawaz Baghdadi recorded $22.3 billion in assets as of December 2023.
The list features leaders of both independent asset management firms as well as the investment arms of financial institutions. Of the 30 top asset managers, 16 are from subsidiaries of banks, and 14 head independent asset management firms. Those representing sovereign wealth funds and private or family offices were excluded from the list.
Asset managers from Saudi Arabia – home to the region’s biggest stock exchange – dominate the list with 14 of the 30 entries based in the kingdom. Kuwait followed with five entries and the U.A.E. had four.
Last year saw asset managers playing a crucial part in debt and sukuk issuances, whether to conglomerates or governments. Al Rajhi Capital served as the sole local bank and joint arranger for the $3.5 billion PIF Sukuk issuance. Whereas Saudi Fransi Capital was the joint lead manager for the $2 billion green and conventional sukuk issuance of Saudi Electricity Company.
In Q4 2023, 19 IPOs raised $4.9 billion in proceeds. The ADES Holding Company raised the most funds and contributed 25% of the overall IPO proceeds in Q4, followed by PureHealth Holding with 20%. Most of the listing activity occurred in the GCC.
| The Middle East’s Top 30 Asset Managers: HQ Breakdown | |||||||
| Saudi Arabia | 14 | U.A.E. | 4 | Egypt | 2 | Qatar | 1 |
| Kuwait | 5 | Bahrain | 3 | Morocco | 1 | ||
The Middle East’s Top 10 Asset Managers 2024
1 | Rashed Sharif
CEO, SNB Capital
HQ: Saudi Arabia
2 | Mohammed Alardhi
Executive Chairman, Investcorp
HQ: Bahrain
3 | Mazin Fawaz Baghdadi
CEO & Managing Director, Alinma Investment
HQ: Saudi Arabia
4 | Abdullah Abdulrahman Alshwer
CEO, Riyad Capital
HQ: Saudi Arabia
5 | Hisham Alrayes
Group CEO, GFH Financial Group (GFH)
HQ: Bahrain
6 | Waleed AlRashed AlHumaid
CEO, Al Rajhi Capital
HQ: Saudi Arabia
7 | Faisal Mansour Sarkhou
CEO, Kamco Invest
HQ: Kuwait
8 | Tariq Al-Sudairy
Managing Director & CEO, Jadwa Investment
HQ: Saudi Arabia
9 | Karim Awad
Group CEO, EFG Hermes & Chairman of the Executive Committee, EFG Holding
HQ: Egypt
10 | Reda Hilali
CEO, Wafa Gestion
HQ: Morocco
Click here for the complete ranking of The Middle East’s Top 30 Asset Managers 2024.
