The asset management division of Oman’s Bank Muscat has reached $1 billion in assets under management, which it says makes it the largest wealth manager in the Sultanate.

The bank said it reached the milestone AuM figure off the back of a combination of strong inflows and investment performance.

Bank Muscat Asset Management currently focuses on equities and fixed income, offering funds investing in Oman, the GCC countries and India. It has said it is evaluating new opportunities in fixed income and real estate in the GCC region.

Looking beyond domestic players, Muscat, the capital of Oman, has been made a regional hub for Sarasin-Alpen, part of Switzerland’s Bank Sarasin. Sarasin-Alpen launched operations in Muscat in 2008 and last year won regulatory approval from Oman’s Capital Market Authority to market Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.