In spite of some slumping international investments, Middle East sovereign wealth funds still dominate the rankings in terms of assets under management, and they’re offering ample career opportunities across a range of functions.

New fund rankings from the SWF Institute confirm that the Abu-Dhabi Investment Authority is the biggest in the world, with $627bn in assets under management. Saudi Arabia’s SAMA Foreign Holdings comes in second with $431bn on its books.

The good news is that Gulf SWFs still seem keen to take people on (despite what some recent redundancies would suggest).

“SWFs are still smarting from the sharp down-turn in asset value over the last 12 months, but they see this as an opportunity to pick up some of the best talented individuals from overseas,” says Elizabeth Hackford, vice president at executive search firm Sheffield Haworth.

The economic downturn is likely to prompt a flurry of mergers, particularly in the financial sector, according to NCB Capital. This has inspired SWFs to get in on the act.

The Abu-Dhabi Investment Company has just hired Alex Carré de Malberg as head of investment banking to lead its new M&A advisory business. He was formerly head of Rothschild’s Middle East practice.

ADIC says it’s going to focus on giving advice on cross-border M&A activity and Carré de Malberg points to “pockets of liquidity” in the Gulf that could take advantage of distressed situations in MENA, other emerging markets and Europe.

It’s not the only one bolstering its team in that space, says Barbara van Meir, director, financial services at headhunters Ingram & Partners.

“Some of our clients are building up strength in the broader M&A advisory sphere, perhaps with a view to diversify their income stream,” she says.

There are career opportunities in other areas as well, reckons Hackford.

“SWFs are keen to bring in better internal regulation and risk management processes, and that is where we see them hiring,” she says.

Gulf sovereign wealth fund global rankings:

1. Abu Dhabi Investment Authority (UAE): $627bn in AUM

2. SAMA Foreign holdings (Saudi Arabia): $431bn in AUM

7. Kuwait Investment Authority (Kuwait): $202.8bn in AUM

11. Investment Corporation of Dubai (UAE): $82bn in AUM

14. Qatar Investment Authority (Qatar): $62bn in AUM

25. Mumtalakat Holding Company (Bahrain): $14bn in AUM

30. Mubadala Development Company (UAE): $10bn in AUM

32. State General Reserve Fund (Oman): $8.2bn in AUM

36. Public Investment Fund (Saudi Arabia): $5.9bn in AUM

43. RAK Investment Authority (UAE): $1.2bn in AUM

49. Emirates Investment Authority (UAE): Undisclosed

Source: SWF Institute