SimCorp appoints new Managing Director for Middle East and Africa to continue growth momentum in region
Abu Dhabi, Riyadh, London - 31 October 2024 – SimCorp, a leading global financial technology company, today announced the appointment of Mourad Essofi to the role of Managing Director, Head of Middle East and Africa (MEA).
Essofi will be responsible for maintaining SimCorp’s growth momentum in the region. Through its offices in Abu Dhabi, Dubai (United Arab Emirates) and Riyadh (Saudi-Arabia), SimCorp has experienced significant growth in recent years. This includes new partnerships with significant buy-side institutions like Hassana Investment Company and a major sovereign wealth fund.
“I am delighted that Mourad is taking on the position as Managing Director and Head of MEA. The region is a crucial part of our current business and offers tremendous growth opportunities,” said Ralf Schmücker, Managing Director, Head of EMEA at SimCorp. “As we continue to expand our regional presence, Mourad’s extensive experience in consulting and sales, combined with his client-focused approach and proven track record in leading commercial teams, makes him the ideal candidate to continue our growth momentum in the region.”
Essofi joined SimCorp following its merger with Axioma in January 2024 as Head of Axioma Sales EMEA, focusing on the suite of analytics tools for portfolio construction and risk management. Prior to joining SimCorp, Mourad spent nine years in various leadership roles at Axioma. Before that, he worked at Finastra and CDG Capital.
“The MEA region is home to some of the world’s largest and most sophisticated investors, who are currently diversifying their investment portfolios across asset classes and geographies,” said Mourad Essofi, Managing Director, Head of MEA at SimCorp. “With our integrated platform SimCorp One, which supports the full investment lifecycle for both public and private asset classes within a single system to provide a real-time view of the total portfolio, we are well-positioned for continued success in the region.”
The Middle East is an attractive region, with trillions of dollars in assets held by sovereign investors. According to Boston Consulting Group’s 2024 Global Asset Management Report, assets under management in the Middle East surged by 13 percent, from USD 2 trillion in 2022 to USD 2.3 trillion in 2023[1].
The region is vast and diverse, with significant differences between countries and their regulations. For example, Saudi Arabia is undergoing a transformation, particularly through its Vision 2030 initiative to diversify its economy. Meanwhile, the UAE is advancing its technological approach, rapidly adopting public cloud solutions.
“We support both on-premise or local data center deployments, as well as public cloud solutions, adapting to the operational preferences of each jurisdiction. This flexibility provides essential options in today’s market, supporting the continued growth of the region’s asset owners and asset managers,” said Essofi.
In recent years, global hedge fund managers have increasingly turned their attention to the Middle East, with many firms establishing a presence in the region to access its growing asset base and sophisticated investors.
In 2023, the Dubai Financial Services Authority (DFSA) reported a 125 percent year-on-year growth[2] in the number of hedge fund managers setting up in the Dubai International Financial Centre (DIFC).
“The Middle East is rapidly becoming a global hub for hedge funds. Our industry-leading Axioma suite of analytics tools for portfolio construction and risk management supports a range of investment styles, from quantitative to fundamental, throughout the entire investment process. We see a significant opportunity to serve the growing hedge fund community with our Axioma offering, as they seek tools to make quicker and more informed decisions, as well as help mitigate risk,” said Essofi.
SimCorp will host the Middle East & Africa Forum in Abu Dhabi on November 5, 2024. The event is SimCorp’s first in the region and will gather executive management, regional leaders, and key decision-makers from leading asset managers, sovereign wealth funds, and pension funds, including Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA).
[1] Middle East Continues Its Year On-Year Growth with AuM Reaching $2.3 Trillion in 2023, Boston Consulting Group, June 2024
[2] The DFSA continues remarkable growth, issuing record number of licences since its inception, DFSA, January 2024
About SimCorp
SimCorp is a provider of industry-leading integrated investment management solutions for the global buy side.
Founded in 1971, with more than 3,000 employees across five continents, SimCorp is a truly global technology leader that empowers more than half of the world’s top 100 financial companies through its integrated platform, services, and partner ecosystem.
SimCorp is a subsidiary of Deutsche Börse Group. As of 2024, SimCorp includes Axioma, the leading provider of risk and management and portfolio optimization solutions for the global buy side.
For more information, see www.simcorp.com.
Media Contact
Søren Rathlou Top
Global PR Manager at SimCorp
+45 31 15 87 06
Srat@simcorp.com
