This is the first hybrid style energy fund in the Middle East, offering both listed and unlisted equities thereby enhancing the fund's liquidity ratio.
This fund caters to the increasingly sophisticated demands of regional institutional and high net worth investors for energy related investment opportunities that offer strong performance results. The minimum investment threshold is $1million.
"This targeted fund addresses the growing demand for such energy and related product investments in the international market; a trend which is mirrored in the Gulf," said Qais Al Shatti, Assistant GM - Sales & Strategic Marketing at Kamco. "Though still new, this unique regional fund has already demonstrated strong growth potential and addresses the specific demands expressed by our regional clients, notably Sharia'a compliance."
The Kamco Energy Services Fund aims to achieve medium to long-term capital growth through international investments in Sharia'a compliant listed and unlisted securities in the energy sector. The fund development follows the preferred dual energy investment strategy, which focuses both on ancillary services for the traditional energy industry (covering oil, coal and gas) and alternative energy industry (including wind, solar, bio-fuels and fuel cells).
"The GCC investment market is maturing rapidly, delivering a quantitative and qualitative range of investment offers and services to regional investors," said Bradley George, Head of Global Commodities and Resourced for Investec Asset Management. "We are delighted to be working with KAMCO to combine our extensive experience to provide clients with sound investment opportunities that have been drawn up to international best practice standards."
The open-ended fund was established in mid August 2007 with an initial fund size of $30.5m. Its geographic market focus includes the GCC and international markets (mainly the US and Europe). It is the only hybrid style investment fund of its kind in the Middle East.
"This fund will appeal to international as well as regional investors as it is based on a sound strategy that takes into account prevailing market conditions while incorporating future market trends," said Khalil El Khoury Head of Direct Investments at Kamco. "We are delighted to promote a superior investment option with the expert help and advice of our internationally recognised advisory partner, Investec Asset Management." El Khoury added.
The fund is benchmarked against MSCI World Index and ML Renewable Index.
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Kamco launches new Energy Services Fund in Kuwait
- Kuwait: Tuesday, October 30 - 2007 at 13:55
- PRESS RELEASE
Kuwait based KIPCO Asset Management Co. (Kamco) today officially launched its KAMCO Energy Service Fund.
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Notes and media contacts
ML Renewable Energy Index (EUR) is intended to reflect the price return performance of a changing selection of stocks, reflecting the current constituents of the ML Renewable Energy Index selected by Merrill Lynch Research. The Index is intended to provide exposure to stocks likely to benefit from the renewable/alternative energy sector globally. The Index consists of three sub-indices - bio-fuels, wind and solar.The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of June 2006 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.
About Kamco:
Kamco is a premier investment company that provides innovative and performance driven financial solutions for its clients since 1998. A subsidiary of United Gulf Bank (UGB), Kipco's investment banking subsidiary, Kamco has assets of KD1.7bn under management or control, a portfolio of some 758 companies and individuals, and more than 112 employees throughout its operations.
Kamco has been publicly listed on the Kuwait Stock Exchange since 2003 and provides its clients with easy access to local and international capital markets, as well as a comprehensive selection of financial services.
Kamco focuses on asset management (including brokerage services, tailored portfolio management, forward trading, IPOs, local and international fund management etc.) and financial services comprising the full range of corporate finance advisory services (including mergers and acquisitions, underwriting, private placements, strategy development and strategic planning, project and investment evaluation and consulting as well as private equity.)
Headquartered in Kuwait, Kamco's core operating companies include United Industries Co. (UIC) the specialized industrial investor in the oil, gas and foodstuffs sectors of the GCC and the region; as well as United Medical Services (UMSC), Kuwait's leading health care provider with fast-growing services in dental and general health care.
About Investec Asset Management:
Investec Asset Management is a specialist investment manager, providing a premier range of portfolio management services and products to institutional and individual investors.
Established in 1991, the firm has been built from start-up into an international business managing in excess of $60bn* on behalf of third party clients. We have grown from domestic roots in the UK and Southern Africa to a position where we proudly serve a growing international client base from the Americas, Europe, Asia the Middle East and Africa. We employ 100 investment professionals.
The firm seeks to create a profitable partnership between clients, shareholders and employees, and to exceed expectations for both client service and performance.
Investec Asset Management is an independently managed subsidiary of Investec Group.
*As at 30 June 2007.
Contact for Media Enquiries:
Mr. Qais Al Shatti
AGM-Marketing, Sales & PR
Kamco
Tel: +965 246 0969
Fax: +965 245 8572
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, October 30 - 2007 at 13:55 UAE local time (GMT+4)
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