NCB Capital, Saudi Arabia's largest asset manager, is launching a range of Irish-domiciled Islamic mutual funds, as it seeks to broaden its investor base and appeal to emerging market investors, according to senior executives.
The Jeddah-based firm, which manages US$12.1 billion in assets, has launched two funds which invest in Saudi Arabian and GCC (Gulf Cooperation Council) equities, with plans to launch other funds including one that will invest in sukuk, or Islamic bonds.
"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 late on Monday.
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