NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia's largest bank, announced Tuesday the appointment of Hamed Mohammed Fayez as head of Asset Management. Fayez will be responsible for growing the range of local Saudi, regional and international asset management services that NCB Capital offers its clients, as well as expanding its money market and global fixed income businesses. Most recently, Fayez, a Saudi national, was the chief executive officer of Goldman Sachs Saudi Arabia, establishing the bank's presence in the Kingdom and leading local product development and placement. He had also previously held a senior role at that firm managing its investment management business in the Kingdom. In addition to his earlier experience at Credit Suisse, Banque Saudi Fransi and Merrill Lynch, Fayez worked at National Commercial Bank itself as a senior portfolio manager in the bank's Treasury division. Ahmed Farid, chief executive officer of NCB Capital, said “this important appointment reflects our strategy of strengthening our core local and regional asset management business while at the same time growing Saudi talent. I am delighted to welcome Hamed to the firm. He will help to further enhance our position as a provider of world-class asset management services to our many clients here in Saudi Arabia as well as more widely.” Fayez said “in joining one of the largest regional asset managers, I look forward to working closely with the talented team at NCBC to further enhance our unique and innovative investment platform and deliver to our clients a solution based approach that is market leading by itself.” NCB Capital is the Kingdom's largest investment bank and it has established a strong track record in wealth and asset management and currently has around $14 billion of assets under management. The strength of NCB Capital's wealth and asset management business stems from its proven investment process, a robust infrastructure and the experience of its investment professionals. Its competitive edge is the breadth of products by asset class, style and geography in both traditional and alternative investment disciplines, as well as its strong distribution capabilities.
