Top Asset Managers of 2023 & 2024

Over recent decades, the investment landscape in the region has experienced significant growth and evolution. This transformation has been fueled by a blend of economic diversification, technological progress, and changing investor behaviors.

Asset managers have become pivotal figures in this evolving ecosystem. These professionals provide investors with opportunities to diversify their portfolios, benefit from expert management, and engage in the region's economic development. The financial markets, particularly in the MENA region, have seen considerable activity. Notably, in 2023, five IPOs in the energy and logistics sectors contributed to 58% of the total IPO proceeds, as reported by EY.

This year, we focus on 30 leading asset managers who oversee investments with fiduciary responsibility. Our list includes heads of both independent asset management firms and the investment divisions of financial institutions. Out of the 30, 16 are from bank subsidiaries, while 14 lead independent firms.

In the fourth quarter of 2023 alone, 19 IPOs generated $4.9 billion in proceeds. The ADES Holding Company led with 25% of the total IPO proceeds, followed by PureHealth Holding with 20%. Most of this activity occurred in the GCC.

Asset managers have also been instrumental in facilitating debt and sukuk issuances for both corporations and governments. For example, SNB Capital co-managed the debt issuance for Saudi Arabia's Ministry of Finance in 2023, and Al Rajhi Capital was the sole local bank and joint arranger for the $3.5 billion PIF Sukuk issuance last year.

Saudi Arabian asset managers, who operate within the region's largest stock exchange, dominate our list with 14 representatives. Kuwait and the U.A.E. follow with five and four entries, respectively.

Collectively, these 30 asset managers managed over $340 billion in assets in 2023, spanning local and international equity and debt funds, discretionary portfolios, real estate investments, REITs, and private equity.

Top Asset Managers of 2023

1. Rashed Sharif - SNB Capital

2. Mohammed Alardhi - Investcorp

3. Laith Abuhazeem - APCO WorldWide

4. Abdullah Abdulrahman Alshwer - Riyad Capital

5. Hisham Alrayes - GFH Financial Group (GFH)

6. Waleed AlRashed AlHumaid - Al Rajhi Capital

7. Faisal Mansour Sarkhou - Kamco Invest

8. Tariq Al-Sudairy - Jadwa Investment

9. Karim Awad - EFG Hermes

10. Reda Hilali - Wafa Gestion

11. Khaled Abdulaziz Alrayes - Alistithmar Capital (ICAP)

12. Ali Almansour - SAB Invest

13. Abdulaziz AlMarzooq - KFH Capital Investment Company

14. Salam AlKhunaizi - Saudi Fransi Capital

15. Samer Abu Aker - SEDCO Capital

16. Najla Al Shirawi - SICO BSC

17. Khalid S. Al-Ghamdi - anb capital

18. Michail Samawi - Emirates NBD Asset Management

19. Naif Almesned - Aljazira Capital (AJC)

20. Fahad Abdulrahman Al Mukhaizim - National Investment Company (NIC)

21. Zaid Almufarih - Albilad Capital

22. Ali H. Khalil - Kuwait Financial Centre “Markaz”

23. Hani Othman Baothman - Sidra Capital

24. Mohamed Hussain Al Nowais - Waha Capital

25. Ahmed Saud Ghouth - Alkhabeer Capital

26. Musa Hadded - First Abu Dhabi Bank Asset Management

27. Husayn Shahrur - ABK Capital

28. Amr Abol-Enein - CI Capital Asset Management (CIAM)

29. Mohammed Ismail Al Emadi - Lesha Bank

30. Robert Hahm - Mashreq Capital

31. Gavin Rankin - ADCB Asset Management Ltd

Methodology

To compile this list, we focused on asset managers who handle public investments on a fiduciary basis. We excluded those managing sovereign wealth funds and private or family offices. The selection was based on a weighted average of the following criteria:

• Assets under management.

• The leader’s track record and experience.

• Duration in the current role.

• Key achievements from January 2023 to March 2024.