“The ING will provide AFG with its world-class asset management expertise, which will be the core component of our alliance,” said Abdulaziz Al-Dukheil, AFG chairman, here Tuesday.
Al-Dukheil, who signed the MoU on behalf of the AFG on Tuesday, said: “We are happy to join hands with ING, which will be a strong addition to the AFG team in terms of offering client-focused asset management services.”
Gilbert Van Hassel, CEO of ING Investment Management, inked the agreement for his company during a brief ceremony at the AFG office here. The signing ceremony was attended by top AFG and ING executives including Khalood Abdulaziz Al-Dukheil, AFG's deputy chief executive officer. Asked about the targets in terms of managing billions of riyals of assets in the Kingdom, Al-Dukheil said, “We had long-term plans for asset management with a vision to provide the highest quality of services.” He said ING would provide key management and technical personnel to AFG with an aim to develop world-class asset management solutions. “Also, AFG clients will benefit by having full access to all ING’s regional and international investment solutions,” he added.
Speaking on his part after signing the MoU, Hassel said: “We are very excited to sign this agreement and we hope to expand local asset management business in this region with a strong partner like AFG.”
He said that the ING, which has its networks in several countries across the world, currently manages over $500 billion in assets in about 34 countries. AFG, on the other hand, is licensed by the Capital Markets Authority and has been a key player in the financial advisory business since 1979, said the AFG chief.
The AFG has also been a major contributor to the development of the Saudi capital market, listing and increasing the capital of 20 percent of listed companies including SABIC, Saudi French Bank, SABB, Riyad Bank, Sahara Petrochemicals, Savola and others. This Saudi financial company has been active since its inception in 1979 in the fields of financial advisory services, market research, IT consulting and corporate finance services.
In addition, AFG launched its brokerage services for its customers and is currently preparing to launch its asset management services in an exclusive partnership with ING. ING Investment Management is the primary global investment arm of ING Group, a global financial services company, which was founded in 1845. ING manages assets for institutions and individual investors worldwide, and serves as the principal asset manager of ING Group.
With over 3,300 employees and an investment presence in 34 countries across the Americas, Asia, Pacific, Europe and the Middle East, ING provides their clients with access to domestic, regional and global investment solutions. ING is also committed to investing responsibly and delivering client-oriented investment solutions and advisory services across asset classes, geographies and styles. It serves more than 85 million private and corporate customers worldwide.
