Saudi asset management firms top Forbes Middle East ranking

Saudi asset management firms top Forbes Middle East ranking

Saudi Arabia - Forbes Middle East has revealed its second annual ranking of the region's top 30 asset management companies, highlighting the leading independent financial advisors maximizing investments in the Middle East.

According to Forbes, Saudi Arabia represented the lion's share of the 30 asset management companies with 16 entries, indicating Saudi bourse Tadawul's position as the most developed exchange in the Middle East, making up nearly 70% of the region's market capitalization.

The UAE was next in the list with five entries. Together, these two GCC nations comprise 70% of the ranking, it stated.

Bahrain and Kuwait each had three entries followed by Egypt with two and Morocco with one entry.

Forbes said the companies were ranked based on their total assets under management (AUM) as of December 2021. This year's cohort had a total of $316 billion in AUM in 2021, up 19.2%, up from $265 billion in 2020. Of the 30, 15 are subsidiaries of commercial banks.

Saudi-based SNB Capital is the region's biggest asset manager, with $72.6 billion in AUM. In June 2022, it partnered with stc to manage its recently launched employee savings plan. Bahrain's Investcorp came second with $40.4 billion AUM followed by Saudi's Riyad Capital with $24.3 billion