TOP 30 ASSET MANAGERS 2024
Over the past few decades, the region has witnessed a remarkable transformation in its investment ecosystem, driven by a combination of factors, including economic diversification efforts, technological advancements, and shifting investor preferences. Asset managers are emerging as key players in the region's investment ecosystem. Companies run by these asset managers offer investors an avenue to diversify their portfolios, access professional management expertise, and participate in the region's economic growth story. The region's stock financial markets have been booming. In MENA, five listings, mainly in the energy and logistics sectors, contributed 58% of the total IPO proceeds raised in 2023, according to EY.
For this year's list, we highlight 30 asset managers who manage assets on a fiduciary basis. The list includes leaders of both independent asset management firms as well as the investment arms of financial institutions. 16 of the top asset managers on this year's list are from subsidiaries of banks, and 14 of them head independent asset management firms.
During 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 took place in the GCC.
Asset managers also played a vital role in debt and sukuk issues, whether to companies or governments. SNB Capital was a joint lead manager of the debt issuance of Saudi's Ministry of Finance in 2023. Al Rajhi Capital also acted as the sole local bank and joint arranger for the $3.5 billion PIF Sukuk issuance last year.
Asset managers from Saudi Arabia, which is home to the region's biggest stock exchange, dominate the list, with 14 of the 30 entries on the list being based in the kingdom, followed by Kuwait with five entries and the U.A.E. with four.
The 30 asset managers featured on this list managed over $340 billion in assets in 2023, including local and international equity and debt funds, discretionary portfolios, real estate investments, REITS, and private equity.