Janus Henderson To Buy Wealth Management Arm Of Kuwait’s NBK To Boost Access To Middle East Clients
By
Joyce Abaño
Forbes Middle East Staff
May 02, 2024, 23:40 PM
The team at NBK Capital Partners will join Janus Henderson as the company’s new emerging markets private capital division. Image by Emad Aljumah / Shutterstock
Janus Henderson plans to acquire National Bank of Kuwait’s (NBK’s) alternative investment unit NBK Wealth, providing the asset management firm with a clear path and access to clients in the Middle East, according to a statement released Thursday.
Terms of the deal
As part of the deal, the team at NBK Capital Partners will join Janus Henderson as the company’s new emerging markets private capital division. The value of the transaction, which is subject to regulatory approval, was not disclosed.
The asset manager said it is expecting its partnership with NBK Wealth to provide an opportunity to tap into emerging markets that remain underpenetrated for private capital solutions, thereby presenting a key strategic growth area.
The deal will also give Janus Henderson, which has about $353 billion assets under management, access to engage with new clients in the Middle East, and globally, who want to actively invest in emerging markets, expanding its footprint in the region, the statement read.
Upon the closing of the transaction, NBK Capital Partners will become the emerging markets private capital arm within Janus Henderson. The business unit will retain its investment independence and will receive strategic support from the asset management firm as part of the relationship across the entire platform.
New strategies
Yaser Moustafa, director of NBK Capital Partners, will continue to lead the business and Sikander Ahmed will continue his role as head of Middle East Private Credit. Moustafa and Ahmed will be working closely with Janus Henderson’s senior management team. The NBK Capital Partners team is expected to join Janus Henderson in the second quarter of 2024.
Janus Henderson said it plans to launch a number of emerging markets focused alternative strategies in the second half of 2024.
The Kuwaiti bank will retain the legacy funds – worth over $600 million of fee-paying assets under management, while the NBK Capital Partners team will take care of their day-to-day management under Janus Henderson, Reuters reported Thursday, citing Moustafa.
NBK Capital Partners advises across emerging markets including the Middle East and North Africa, and its private credit strategy has attracted investment from some of the region’s biggest sovereign wealth funds.
BankingAsset managementBanksKuwaitJanus Henderson reportNational Bank of Kuwait (NBK)
By
Joyce Abaño
Forbes Middle East Staff
Joyce Abaño has been writing business stories, global news, and fashion and entertainment articles for more than 15 years. She was a news reporter at The Peninsula Qatar newspaper and business journalist at Octomedia Australia, writing for the company’s Inside Retail news sites.