Scottish Widows Investment Partnership Saudi Asset Management (SWIP SAM) announces its official launch in Riyadh with the opening of its new office in Kingdom Tower.
SWIP SAM, a joint venture with Manar Financial Investment Co, in the Kingdom of Saudi Arabia was created in September 2008 and is part of Scottish Widows Investment Partnership, one of the UK's largest asset management companies with over $151 billion in assets under management*.
SWIP SAM's activities in Saudi Arabia will focus on its expertise in providing investment solutions to institutional and sophisticated investors focusing particular attention on the insurance sector. SWIP SAM will also manage other specialist mandates, including real estate and Shariah compliant global emerging market equities for those clients.
Peter Dorward, Chief Executive Officer of SWIP SAM comments:
"I am pleased to announce that our office in Riyadh is now officially open for business. The time is right for SWIP SAM to build a significant presence in this rapidly growing market and in the other markets of the Gulf Cooperation Council (GCC). Having our company established in the Kingdom of Saudi Arabia, and based in Riyadh, is key to us achieving this.
"Our approach will be targeted, providing tailored investment solutions for specific clients. Our strength and experience in markets such as real estate and global equities will put us in an excellent position to do this. Manar's unrivalled local knowledge and access to the market will enable us to distribute our investment solutions very effectively."
Ali Al Ghaith, Chief Executive of Manar Financial Investment Co. comments:
"The Kingdom of Saudi Arabia, the largest of the Middle Eastern economies is experiencing growing demand for international fund management. A joint venture with a strategic partner based in Riyadh makes sense and it will enable us to capitalise on market opportunities in the Kingdom and across the GCC. Manar has been impressed with SWIP's professionalism, commitment to, and understanding of, the local market and investor needs."
SWIP SAM is a Saudi business regulated by the Capital Market Authority in the Kingdom of Saudi Arabia, leveraging SWIP's investment management capabilities and certain aspects of operational infrastructure in the United Kingdom.
Peter Dorward has been appointed as the Saudi-based chief executive officer of SWIP Saudi Asset Management. In his previous role as SWIP's director of strategic initiatives, Peter was instrumental in the crucial development of SWIP's business in the Middle East, having sole responsibility for developing and implementing this joint venture in Saudi Arabia.
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Editor's Notes
SWIP Saudi Asset Management:
1. SWIP SAM's ultimate parent is the Lloyds Banking Group Plc, one of the largest financial services groups in the UK.
2. SWIP SAM's immediate parent is Scottish Widows Investment Partnership (SWIP). SWIP is one of the UK and Europe's largest fund managers with over $151bn fund under management. (source: internal as at 30 September 2008)
3. SWIP has a geographically diverse client base with alliances, joint ventures and clients in the UK, across Europe, USA, Japan and Saudi Arabia.
4. SWIP has a broad client base, managing assets for Pension Funds, Charities, Local Authorities, Life Funds, Unit Trusts, OEICs, Off-Shore Funds and Specialist Funds across all asset classes.
5. SWIP has been awarded
o Moneywise Best Specialist Sector Fund in 2008 for the Scottish Widows Latin American fund
o Portfolio Adviser's Best Government Bond Fund in 2008 for the SWIP Defensive Gilt fund.
o Financial Adviser 'Five Star' award recognising SWIP's strength in the retail investment market in 2008.
o IFA Online has announced SWIP as the winner of the 'Best Online Investment Provider' in 2008
o Professional Pensions' Specialist & Alternative Investment Management Awards in the category of UK Fixed Income Manager of the Year.
6. SWIP is authorised and regulated by the Financial Services Authority in the UK and is entered on their register under number 193707 (www.fsa.gov.uk/register).
7. SWIP Saudi Asset Management is authorised and regulated by the Capital Markets Authority with license number 26-08106. Registered office is 56th Floor - Kingdom Centre, PO BOX 341905, Riyadh 11333, Kingdom of Saudi Arabia.
For more information, please contact
Rana Al Borno
Tel: 01 215 2211
Email: Rana.borno@ws-ksa.com
© Press Release 2009
