Wednesday, 25 May 2016
Last updated 56 min ago
Jun 5 2007 | 2:33pm ET
Bear Stearns today said it has signed a letter of intent to form Bear Stearns Arabia Asset Management with a consortium of Saudi business leaders, led by Prince Mishaal Bin Abdullah Bin Turki Al-Saud of Zad Investment Company.
The new entity will be a Saudi Arabia-registered asset management company, with headquarters in Riyadh, serving institutions and high net-worth individuals in the country. BSAAM will develop and distribute Shariah-compliant and other investment products. In addition, it will offer traditional equity and fixed-income, hedge fund and private equity products.
Al-Saud will serve as chairman of BSAAM, and both Michel Péretié, CEO of Bear Stearns International, and Christian Yates, head of international for Bear Stearns Asset Management, will be on the board of directors. Bear will own 50% of 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.
"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 Shariah-compliant investment products, in addition to the 'best in class' from the rest of the world," Al-Saud said.
Richard Marin, chairman and CEO of BSAM, stated, "Our goal is to be the leading independent asset manager in Saudi Arabia and a global leader in Shariah-compliant investment products."