Saudi Arabia’s NCB Capital, the investment arm of the Kingdom’s biggest bank by assets, plans to launch four investment funds this year and target up to 15 percent growth in assets under management, its chief executive said.
Jawdat Al-Halabi said the National Commercial Bank unit, which has SR44 billion ($11.7 billion) in assets under management, will launch the funds in the second half of the year, with two aimed at foreign markets and two domestically focused. “We will launch two new (international) funds … a mix between equities, commodities and sukuk. The initial target for these two open-ended funds would be around $30 million per each and we hope we can raise more,” Al-Halabi said………………………………………..Full Article: Source