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Saudi’s NCB Capital set to expand asset management

Saudi-based NCB Capital is to continue expanding its asset management and brokerage services throughout 2011, as it aims to increase its market share in the kingdom, Arab News has reported. The firm said it foresees continued growth, particularly in Shari'ah-compliant funds and will continue to work to gain market share which will end 2010 at 37%, compared to 33% at the end of 2009. "We will also continue to offer investment products and services to institutional clients outside of Saudi Arabia through our London and Cairo subsidiaries and expect to expand this business as well in 2011," Raul Biancardi, managing director and COO of NCB Capital, told the daily.