Sedco sets up $2.9bn wealth management firm
Jeddah, June 14, 2011
Saudi-based Sedco Holding has announced the launch of a wealth management company based in Jeddah with a strategic asset portfolio of SR11 billion ($2.9 billion).
Sedco Capital offers asset management, advisory, corporate finance and custody services to high net worth individuals, family offices and institutions, said a company statement.
Announcing the official launch on Tuesday, Sedco Capital chairman Abdelelah bin Mahfouz said the company aims to focus on super and ultra high net worth individuals, sophisticated institutional investors and family offices.
“Partnering with our clients is our approach at Sedco Capital. It was founded by Sedco Holding to share its access to opportunities, investment advice and professional services with other investors seeking innovative wealth management solutions in Saudi Arabia and across the globe,” he noted.
Launched at a time when the Kingdom is enjoying great prosperity and economic stability under the visionary leadership of King Abdulah, Sedco Capital is strongly positioned to make a highly important contribution to consolidating the Kingdom’s wealth by preserving and growing it for future generations, he added.
“Furthermore, endorsing our commitment to partnership Sedco Group of companies will serve as a sizable co-investor in the investment opportunities that Sedco Capital brings to market.”
Sedco Holding group of companies was founded in 1976 and is owned by one of the most distinguished banking families in the Kingdom of Saudi Arabia, the Binmahfouz family.
Sedco Capital’s team, which previously worked for Sedco Group and has successfully managed the wealth of the Bin Mahfouz family since 1996, now puts its global wealth management expertise at the service of investors who wish to participate as partners.
Expanding on Abdelelah’s introduction, CEO Hasan Al Jabri said: “Partnership is at the heart of Sedco Capital, our mission is to take care of our clients’ wealth and to add value without taking excessive risks.
'Already established as a global player, Sedco Capital manages, advises, monitors and reports on an investment portfolio with a strategic asset allocation amounting to SR11 billion,' he noted.
'The portfolio covers public equity, private equity, international real estate, sukuk, commodities and also the development of income generating local real estate,' he added.
The wealth management company has a team of 26 CMA registered professionals, who together have over 500 years of experience in asset management and provide clients with sustainable growth and good returns by applying the proven investment process.
'To complement our Saudi-based team we have built a global network of investment relations with more than 100 managers around the world specializing in public equity markets, private equity space and real estate investments,' Al Jabri noted.
'We believe this combination of local and international expertise allows Sedco Capital a wider range of options to fulfill the individual needs of our clients.,” he added.
Renowned as a leader in Shariah-compliant financial products, Sedco worked with Dow Jones to make available the extensive family of Shariah compliant indices that is used to benchmark Shariah compliant equity managers today.-TradeArabia News Service