GF
Reason dictates there should be a rush of asset management hiring in the GCC – local fund managers have posted stellar revenues, and international firms are setting up in the region. But while sales and marketing roles are in demand, firms are holding off taking on portfolio managers.
Global investors’ ample appetite for GCC assets is demonstrated by some recent results. Shuaa Capital’s asset management division saw an amazing 636% increase in operating profits over the last year. At the same time, assets under management swelled by 118.7%.
Meanwhile KIPCO Asset Management in Kuwait posted a 57.31% leap in profits for the first quarter of 2008.
BNP Paribas Asset Management has just set up in Bahrain, following the likes of Pictet Asset Management, Schroders, BNY Mellon Asset Management, Pioneer Investments and Thames River Capital, who have moved to the region in an attempt to cash in on sovereign wealth funds’ appetite for global products.
But asset managers are either keen to sell their GCC products to international investors, or aiming to tout global funds to Middle Eastern institutional investors. Therefore, most of the recruitment is around the sales space rather than money management, says Elizabeth Hackford, vice president at recruiters Sheffield Haworth.
“Most multinational firms now offer MENA funds, but these tend to be manufactured outside the region; very few have portfolio managers on the ground. The vast majority of hires in the region for these firms are for sales roles.”
Tel Rashid, regional manager Middle East and Africa at headhunters Spengler Fox, says most firms bring people in from overseas: “It’s very difficult to find people for asset management roles and you have to look abroad. I wouldn’t say people are coming over in droves, but they’re definitely more willing to make the move now.”
International asset management firms, like investment banks, are keen to transfer top people out to the Middle East, says Hackford, but there’s very little external hiring going on.
“Local firms are building up their teams rapidly,” she adds, “but in reality it’s a very small market and asset managers often use their own contacts to make hires directly.”
In Qatar, for example, the financial institutions are facing challenges that coming through the lack systems. It is very difficult to develop the business without creating new organisation culture. Islamic banks and financial companies try to build strong strategic position in the local and domestic markets with a long history of profitability. As result of the economic prosperity witnessed in the region, many of Islamic companies have grown to levels exceeding the bare minimum requirements set by the top managements or by regulators and, consequently, our companies need to restructure their financial portfolio.
Islamic banking started with retail products by making the PLS mode of financing, the main mode of financing the Islamic bank have run into several difficulties, If the Islamic banks would provide all the conventional financing through lending from their huge deposits (current and savings), it will leave their hands free to engage in the global market . They must learn the lesson well, the global market is not simply to the young concept. Islamic banking is a very young concept. Yet it has already been implemented as the only system in many Muslim countries, and
Mergers is a tool used by companies for the purpose of expanding their operations often aiming at an increase of their long term profitability. there are 15 different types of actions that a company can take when deciding to move forward using M&A. Usually mergers occur in a consensual (occurring by mutual consent) setting executives from the target help those from purchaser in a due diligence process to ensure that the deal is beneficial to both parties. Acquisitions can also happen through a hostile takeover by purchasing the majority of outstanding shares of a company in the open market against the wishes of the target”s board.
Mergers may be achieved to cut costs ( for examples, laying off employees, operating at a more technologically efficient scale, etc), removing management, or other purpose.
Unfortunately, Islamic banks move against the international wave, we find one company splits into two, generating a second company separately listed on a stock market.
I agree with Mr Rashid, when he said there is lack in qualfied employees, but I believe that our Islamic banks and companies have been driven with short or un clear vision.
If the competition in open market and g
In Qatar, for example, the financial institutions are facing challenges that coming through the lack systems. It is very difficult to develop the business without creating new organisation culture. Islamic banks and financial companies try to build strong strategic position in the local and domestic markets with a long history of profitability. As result of the economic prosperity witnessed in the region, many of Islamic companies have grown to levels exceeding the bare minimum requirements set by the top managements or by regulators and, consequently, our companies need to restructure their financial portfolio.
Islamic banking started with retail products by making the PLS mode of financing, the main mode of financing the Islamic bank have run into several difficulties, If the Islamic banks would provide all the conventional financing through lending from their huge deposits (current and savings), it will leave their hands free to engage in the global market . They must learn the lesson well, the global market is not simply to the young concept. In reality, Islamic banking is a very young concept. Yet it has already been implemented as the only system in many Muslim co