The Bahrain-based Gulf International Bank (GIB) is to list their family of mutual funds on the Bahrain Stock Exchange. The range of funds, managed by GIB's banking subsidiary in London, GIB (UK) Ltd, include fixed income, equity and alternative investments and are branded Falcon Funds. These funds all have an established track record of performance.
GIB is a Gulf-based wholesale commercial and investment banking group, with operations covering the Middle East, Europe, North America and the Far East. GIB's core business, however, is concentrated on the Gulf Cooperation Council's (GCC) markets—Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates (UAE)—and the associated trade and financial flows between this region and the rest of the world.
Gulf International Bank (UK) Limited is responsible for the management of client assets valued in excess of five billion dollars of which $250 million is in mutual funds. The Funds managed by GIB within the Falcon suite include the Relative Value Fund, Trend Selection Fund (Futures and FX), the High Income Fund (Corporate Debt), Emerging Market Bond Fund, Euro High Yield and the Global Rights Private Equity Fund.
Gulf International Bank (UK) Limited, a subsidiary of GIB, is incorporated in England and Wales and is regulated in the conduct of investment business by the Securities and Futures Authority.
GIB’s consolidated financial results for the year ending December 31, 2001, indicate net income after tax at $100.5 million, down against the record $118.1 million achieved in 2000. Total assets rose marginally to $15.23 billion, while shareholders' equity at $1.193 billion represented 7.8 percent of total assets and a further shift in the asset mix from loans in favor of securities resulted in a strengthening of the liquid assets ratio to 75.1 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
