Riyadh: NCB Capital, the investment-banking arm of National Commercial Bank, yesterday announced acquisition of The Capital Partnership (TCP), a leading specialist asset manager to both institutional and high net worth clients.
The takeover of TCP brings many client benefits and accelerates NCB Capital’s growth specifically in asset management, where it will bring new capabilities in global absolute return products.
NCB Capital’s wealth management offering will also be enhanced with the addition of specialist expertise in offshore, individually-customized funds of funds, trust structuring, family governance and estate planning, as well as broad portfolio analysis skills.
Commenting on the acquisition, Abdulkareem Abu Al-Nasr, Chief Executive Officer of National Commercial Bank and Chairman of NCB Capital, said, “We are very pleased to welcome TCP and its experienced team to our wider banking group. It will allow us to offer an even broader range of services and products to our many wealth management clients here in the Kingdom.”
Established in 1998, TCP was created to provide sophisticated investment services for high net worth families.
With 20 employees and offices in London and Dubai, it is advisor to a number of leading regional institutions and family groups and has an average investor relationship size of more than $25 million.
Ali Ojjeh and Ahmed Ben Halim, founding partners of TCP, said: “We are delighted to be joining such a prestigious and growing firm and are looking forward to offering our specialist expertise in asset allocation and investment processes to an even wider group of clients, both in the Kingdom and throughout the GCC.”
This is the largest acquisition that NCB Capital has made since its launch in April 2007 and is an important step toward meeting its goal of providing the best services to its clients and becoming a leader in wealth and asset management.
Summing up the acquisition, Ahmed Farid, chief executive officer of NCB Capital, said, “This is a significant acquisition for us. It quickly brings scale and reach in key areas, as well as high value-added services for high net worth individuals and family offices. The cultures of both our firms are highly aligned and benefits will accrue from this move immediately.”
NCB Capital was advised by J.P. Morgan Chase, Linklaters and Deloitte. TCP was advised by Olswang and BDO.
