Rashed Sharif, CEO of SNB Capital, has topped the Forbes Middle East Top 30 Asset Managers ranking, controlling $65.6 billion in assets under management (AUM) as of December 2023. 

 

Investcorp’s Mohammed Alardhi has been 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.

 

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. 

 

Combined AUM at $340 billion

Combined, the 30 asset managers on Forbes’ list 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 AUM.  

 

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. 

 

Debt and sukuk issuances

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 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. --TradeArabia News Service