LOC17:03
14:03 GMT
KUWAIT, June 30 (KUNA) -- Global Investment House has signed a portfolio management agreement with a Kuwaiti bank to manage its portfolio of special situation assets worth USD 40 million, the company announced on Tuesday.
The portfolio consists of diversified assets that are considered non-core to the bank. Global's role is to manage these assets, enhance their value and ensure optimal realization proceeds, it added.
Global Senior Vice President, Special Situations Asset Management, Abdul Hamid Mihrez said: "We are proud to be assigned by the bank to manage its portfolio of non-core assets. This mandate is a recognition of the team's commitment, the role it has played in managing such assets and the achievements since we signed the first mandate two years back."
"Our success depends on our ability to remain focused on our clients' main objective, optimal realization, by applying a total portfolio management approach and making more informed holding and selling decisions thus creating an improved risk-return tradeoff by setting aside principles of loss aversion," he added in a press release.
Global is among the very few investment companies in the region with expertise and competencies in such mandates. With this mandate, the total assets managed by the Special Situations Asset Management team stands at around USD 600 million in diversified asset classes, sectors and markets.
Founded in 1998, Global is a regional investment company headquartered in Kuwait offering its clients integrated investment solutions in brokerage, asset management and investment banking services and complemented by its renowned research capabilities. It was listed at Kuwait Stock Exchange in 2003. (end)
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