MANAMA: Bahrain-based Sico announced its Saudi subsidiary, Sico Financial Saudi Company (under formation) has received a licence from the Saudi Capital Markets Authority (CMA) to manage private non-real-estate investment funds and sophisticated investor portfolios in the GCC’s largest market.
The announcement marks Sico Asset Management Division’s entry into a market outside Bahrain.
“Our regional expansion strategy began in the UAE with Sico Financial Brokerage in Abu Dhabi and now we are proud to announce the launch of our first physical presence in Saudi through our asset management division,” said Sico chairman Shaikh Abdulla bin Khalifa Al Khalifa.
“This key development will allow us to offer rewarding investment opportunities and help expand our client base.
“As we consistently work to inspire investor confidence through both financial performance and operational success, we look forward to this new challenge,” Shaikh Abdulla said.
Sico chief executive Najla Al Shirawi said, “We are very pleased to be executing on our previously-communicated plans to enter heavyweight markets such as Saudi Arabia that will further facilitate our investments in Saudi assets and allow us to provide clients with on-the-ground insights into a market that holds tremendous potential.”
Sico has a long and well-established history in the GCC asset management space, providing a loyal base of investors with consistently profitable exposure across equity, fixed income, and real estate asset classes in GCC and Mena markets.
The asset management division manages the Sico Kingdom Equity Fund, which ended 2018 as the top-performing fund that is investing in the Saudi market, as well as its flagship Khaleej Equity Fund, the best performing fund in the GCC that invests in equities listed on stock markets in the GCC and Egypt.
The firm’s total assets under management (AUM) stood at $2.1 billion as of September achieving double digit growth and outperforming regional benchmarks despite volatility in regional markets.
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