Saudi asset manager launches Ucits-compliant funds
NCB Capital, the largest asset manager in Saudi Arabia, has decided to widen its investor base by launching a range of Dublin-domiciled Islamic mutual funds.
NCB Capital, which manages more than $12bn in assets, has launched two Ucits-compliant funds that invest in Saudi Arabian and Gulf Co-operation Council (GCC) equities, according to Reuters.
Further funds are due to be added to the range, including funds investing in sukuk, or Islamic bonds. Plans include launching up to ten funds in 18 months.
The new funds range is part of a strategy to attract emerging markets investors. NCB plans to market the funds globally through French asset manager Amundi.
“We are very keen on offering a gateway to the region. The hope is to have a broad investor base,” Faysal Badran, chief investment officer and head of asset management at NCB Capital, told Reuters.