Bear Stearns Announces Asset Management Joint Venture in Saudi Arabia
Bear Stearns to Partner with Saudi Consortium led by HH Prince Dr. Mishaal Bin Abdullah Bin Turki Bin Abdul Aziz Al-Saud To Form Bear Stearns Arabia Asset Management
New York, London and Jeddah — — Bear Stearns today announced that it has signed a letter of intent with a consortium of Saudi business leaders led by HH Prince Mishaal Bin Abdullah Bin Turki Al-Saud of Zad Investment Company to form Bear Stearns Arabia Asset Management.
Bear Stearns Arabia Asset Management (“BSAAM”) will be a Saudi Arabian registered asset management company, with headquarters in Riyadh, serving institutions and high-net-worth individuals in Saudi Arabia. BSAAM will develop and distribute Sharia-compliant and other investment products. In addition, it will leverage Bear Stearns Asset Management’s platform, offering traditional equity and fixed income, hedge fund and private equity fund products.
Prince Mishaal A.T. Al-Saud will be the Chairman of BSAAM and both Michel Péretié, CEO of Bear Stearns International Limited, and Christian Yates, Head of International for Bear Stearns Asset Management, will be on the Board of Directors. Bear Stearns will own a 50% stake in BSAAM, which will be the firm’s first permanent business in the region. BSAAM plans to build an international team of individuals who have vast experience in asset management and local knowledge.
“Bear Stearns Arabia Asset Management will combine world-class asset management expertise with a deep knowledge of the investment needs and preferences of large investors in the Kingdom and the Gulf,” said Prince Mishaal A.T. Al-Saud. “This is an exciting time in the economic development of our region, and Bear Stearns Arabia Asset Management will be a leader in offering innovative, high quality, locally-focused Sharia-compliant investment products, in addition to the ’best in class’ from the rest of the world.”
Ihab El-Hashani, a senior investment advisor to the consortium who will also be a member of the BSAAM Board of Directors, added, “The joint venture will offer structured products that will match the increasing demand and sophistication of institutional and high-net-worth customers in this part of the world.”
Richard A. Marin, Chairman and Chief Executive Officer of Bear Stearns Asset Management, commented, “We are excited at the prospect of working together with our Saudi partners to build a world-class Saudi Arabia-based asset management company. Our goal is to be the leading independent asset manager in Saudi Arabia and a global leader in Sharia-compliant investment products.”
Michel Péretié added, The development of Bear Stearns’ business in Saudi Arabia and the other GCC states is a key part of our strategy for global growth. We hope to forge strong relationships in the region, in time allowing us to offer not only asset management products but also a full range of trading, brokerage and advisory services"
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