Many people aspire to create wealth, but for the ultra-wealthy, just as important is enhancing and safeguarding their substantial financial assets. This is where the expertise of wealth managers becomes invaluable. Kuwait-headquartered NBK Wealth-part of the larger NBK Group, a banking group with a market cap of $23.4 billion as of April 2024-has been growing fast since launching a new strategy in 2021.
NBK Wealth today combines NBK Group's private banking business and asset management services under one brand, aiming to be a client-centric business. This includes the NBK Group's asset management arm, the Watani Investment Company-also known as NBK Capital as well as other investment teams in other jurisdictions and legal entities. "We take a holistic approach, considering the clients' unique circumstances, to develop customized solutions that fit their needs," says Faisal Al-Hamad, CEO of NBK Wealth. The group had assets under management exceeding $20 billion as of Q1 2024, up from nearly $16 billion in 2021. Meanwhile, its personal financial assets under advisement, including deposits, advisory, and custody for brokerage, grew from about $35 billion in 2021 to over $39 billion at the end of Q1 2024.
The Middle Eastern market, where the company is headquartered and primarily operates, is the second fastest-growing market for UHNWIs, following North America. In 2023, the Middle East saw a 6.2% year-on year increase in its UHNWI population, reaching 18,790 individuals. By 2028, this figure is projected to climb to 24,102, according to Knight Frank's The Wealth Report.
Diese Geschichte stammt aus der May 2024-Ausgabe von Forbes Middle East - English.
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Diese Geschichte stammt aus der May 2024-Ausgabe von Forbes Middle East - English.
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