SEI ties up with Saudi Arabian manager
SEI partners, the asset manager with $178bn (€124.7bn) under management, has formed a strategic partnership with a subsidiary of Arab National Bank, in order to target wealthy Saudi Arabian investors.
The strategic move is the first of its kind by an asset manager with a Middle Eastern company.
SEI said it is also looking to expand with local partners in other parts of the region.
Jahangir Aka, senior executive officer for SEI in the Middle East, said: "Arab National Bank is one of the most respected groups in the region and we are delighted to be partnering with their asset management division."
He added: "We are looking to build on the success of this partnership and strengthen our offering across the Middle East. Our global investment management and processing capabilities are a complementary fit for local banks in the region gearing up to compete with international players in wealth and asset management.'
The news comes after SEI announced its launch of the first dedicated Islamic fund of funds last July.
According to the most recent Merrill Lynch and Capgemini report, the Middle East is one of the fastest growing regions in the world, with high net worth population expanding by 11.9% a year.
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