Commercial Bank of Kuwait Partners with SEI for Global Investment Management Solutions
Kuwaiti investors enjoy new investment opportunities with Tijari Private Bank
The Commercial Bank of Kuwait’s (CBK) newly formed Tijari Private Bank (TPB) announced a strategic partnership with SEI (NASDAQ: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions, to deliver comprehensive global investment management solutions to Kuwaiti investors.
The partnership will enhance the extensive local market knowledge and client relationships of CBK with the global reach and regional capability of SEI to create a bespoke market offering for Kuwaiti investors. CBK is one of Kuwait’s largest banks by assets and is the first Kuwaiti bank with which SEI has partnered.
TPB will utilize SEI’s investment management services, a key component of Global Wealth Services, that leverages its leading manager-of-managers approach and employs a rigorous process to evaluate, select, monitor and administer global managers in every geography and asset class. It is expected that the opportunity to take advantage of a wide range of markets will prove popular among Kuwaiti investors.
SEI will administer Tijari’s Managed Account Program, which will offer asset allocation portfolios and a range of conventional and Islamic funds. With this new partnership, TPB will focus on delivering an unparalleled level of service and a world class investment solution to their clients (institutional investors, Kuwaitis and expatriates) by providing a new global investment perspective and wealth management products.
Commenting, Jahangir Aka, Senior Executive Officer – Middle East at SEI said:
“We are very pleased about partnering with TPB and excited about the opportunity to help them deliver a world class investment management solution to Kuwaiti investors who are looking to diversify their current portfolio. We have always placed a premium on working with organisations that are progressive and that want to offer their customers the best services available regardless of where they are located.
The unprecedented volatility in the global markets and investors’ panic only reinforce the key principles that have guided SEI’s investment philosophy for decades: that investors should be well diversified across markets and asset classes to lower the risk of volatility; and that investors should make long term investment decisions.”
Ibrahim Attia, Head of Tijari Private Bank at CBK in Kuwait said:
“We undertook a detailed review and found SEI’s market knowledge, research and investment capabilities to be very impressive. Additionally, SEI has developed the unique ability to deliver an integrated investment, operational and distribution support model through a single relationship. This enables TPB to provide added value and consistent service for our asset management offering while allowing us to focus on delivering the sort of personal private banking service that our customers value. This partnership demonstrates CBK’s continuing commitment to bringing our clients innovative and market-leading solutions.”
This partnership is part of CBK's continued growth into international markets and highlights its commitment to providing a superior solution for clients. It also marks SEI's continued expansion into the Middle East which began earlier in 2008 with the opening of a regional office in Dubai and the launch of the first dedicated Islamic Manager of Managers equity funds in 2006.
