Ninety One Charts a Course Through Global Complexity

The shifting architecture of global capital markets rewards those with both the conviction and the infrastructure to understand them. Nicolaas Alberts, Co-Head of the Middle East for Ninety One, joined ADGM's Capital Conversations to chart how allocators and asset managers are reconsidering the concentration risk that once defined contemporary portfolio construction.

His remarks capture a pivotal moment. The London-headquartered investment manager, founded in 1991 as Investec Asset Management and independently listed since 2019, has spent the past three years methodically building out its presence across the Gulf. The Middle East, Alberts's forum made clear, is no longer peripheral to global investment thinking—it is integral to it.

Regional Repositioning

Ninety One's expansion reflects a broader recognition within the asset management industry that the Middle East now presents the combination of capital, ambition and execution that define genuine opportunity. The firm opened offices in Saudi Arabia and the United Arab Emirates to capture the region's deepening capital markets as governments diversify their economies beyond oil dependency. More recently, Ninety One Capital, registered in Riyadh in 2023, secured seed capital for its first domestic credit vehicle—a signal of institutional commitment that extends beyond advisory presence into active portfolio management.

The firm now manages £152.1 billion in assets under management globally, with emerging markets and alternative investments forming a substantial part of its platform. This scale provides the intellectual and operational foundation necessary to operate with sophistication across multiple jurisdictions. Victoria Harling, the firm's chief investment officer for the Middle East, has observed that the region possesses a quality of economic dynamism not dissimilar to London's decades ago—a context that shapes both risk assessment and opportunity identification for practitioners like Alberts.

Allocation and Uncertainty

The Capital Conversations appearance allowed Alberts to address one of the defining questions for wealth managers and institutional allocators: how concentration risk is understood and managed when global market trends remain contested. The uncertainty surrounding the US dollar—which he highlighted as a material concern for portfolios constructed in multiple currencies—exemplifies the complexity that sophisticated asset allocation now must navigate.

For ultra-high-net-worth investors and institutional clients, this signals a shift in how Middle Eastern capital is being deployed. Rather than treating the region as an isolated investment destination, managers are integrating Gulf opportunities into broader emerging market and global portfolios. The conversation reflects a maturation in how allocation decisions are being made: with geographical diversity balanced against conviction in specific markets and sectors.

Platform and Partnership

Ninety One's strategic positioning has been strengthened by partnerships that extend its reach. In February 2026, the firm acquired Sanlam Investment Management, enhancing its capabilities in active asset management and providing access to distribution networks across multiple continents. The firm has also entered into a partnership with State Street Investment Management to develop active exchange-traded funds for investors across emerging and developed markets.

These moves complement the firm's in-region building in the Middle East and Asia, where Ninety One is developing localised emerging market investment capabilities. For clients navigating a world of elevated geopolitical risk and shifting capital flows, such infrastructure represents more than operational convenience—it constitutes the institutional apparatus necessary for disciplined, conviction-led investment across complex markets.

Alberts's contribution to Capital Conversations underscores a professional reality: the world's most sophisticated capital is increasingly seeking managers who combine deep regional knowledge with global perspective. Ninety One's expansion across the Middle East, anchored by senior talent and supported by committed capital, reflects this imperative.

Key Facts

• Assets Under Management: £152.1 billion (as of September 2025)
• Founded: 1991, as Investec Asset Management; rebranded as Ninety One in 2019
• Middle East Offices: Saudi Arabia and United Arab Emirates; Ninety One Capital established in Riyadh in 2023
• Recent Strategic Move: Acquired Sanlam Investment Management in February 2026
• Forum: ADGM Capital Conversations, November 2026

The Simply Luxury View

For ultra-high-net-worth individuals and family offices managing multigenerational wealth, Ninety One's deepening presence in the Middle East signals a meaningful shift in how emerging market capital is being deployed and managed. The firm's recognition that concentration risk and currency volatility require sophisticated, regionally-informed oversight speaks to an evolution in asset management itself—away from commodity-like products and toward conviction-led, bespoke allocation. This matters particularly for investors seeking managers who can synthesise geopolitical insight, regional expertise and global capital flows into coherent strategy.

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