GIC establishes $1.25 billion investment fund with Merril Lynch
The Gulf Investment Corporation (GIC) will establish a joint investment fund with financial management and advisory company Merril Lynch. The $1.25 billion facility will be primarily involved in financing collateralized debt obligations, reported KUNA.
Investors will be able to diversify their finances by investing in the Khaleej I Limited Fund, enabling them to turn low interest trends into positive investment vehicles by investing in debt obligations. The fund will invest at least 80 percent in A and BBB rated debt obligations to be managed by Merril Lynch and Europe’s Axa.
Kuwait-based GIC was formed by the Gulf Cooperation Council (GCC) in 1983 to promote economic growth, support regional cooperation and develop productive enterprises within the framework of their economic and political alliance.
Merrill Lynch is a financial management and advisory company with offices in 37 countries and total client assets of approximately $1.4 trillion. As an investment bank, it is a global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. — (menareport.com)
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