Riyadh-based NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, has acquired the Capital Partnership, a specialist asset manager to instituti
Riyadh-based NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, has acquired the Capital Partnership, a specialist asset manager to institutional and high net worth clients in areas including global absolute return products.
NCB Capital’s wealth management offering will be enhanced with the addition of specialist expertise in offshore customised funds of funds, trust structuring, family governance and estate planning, as well as portfolio analysis skills.
‘We are very pleased to welcome TCP and its experienced team to our wider banking group,’ says Abdulkareem Abu Al Nasr, chief executive of National Commercial Bank and chairman of NCB Capital. ‘It will allow us to offer an even broader range of services and products to our many wealth management clients.’
The Capital Partnership was established in 1998 to provide sophisticated investment services for high net worth families. With 20 employees and offices in London and Dubai, it advises various regional institutions and family groups and has an average investor relationship size of more than USD25m.
Ali Ojjeh and Ahmed Ben Halim, founding partners of the Capital Partnership, say: ‘We are delighted to be joining such a prestigious and growing firm and look forward to offering our specialist expertise in asset allocation and investment processes to a wider group of clients, both in the kingdom and throughout the Gulf Co-operation Council countries.’
The acquisition is the largest made by NCB Capital since its launch in April 2007. The firm, which says it launched the world’s first Sharia-compliant real estate fund, has around USD14bn in assets under management and some 400 employees active in asset management, brokerage services, wealth management and investment banking.
‘This is a significant acquisition for us,’ says chief executive Ahmed Farid. ‘It quickly brings scale and reach in key areas, as well as high value-added services for high net worth individuals and family offices. The cultures of both our firms are highly aligned and benefits will accrue from this move immediately.’
