By Robert Daniel
TEL AVIV (Dow Jones) -- Bear, Stearns & Co. and a group of Saudi executives have agreed to form a 50-50 asset-management joint venture, providing traditional investment products and developing specific offerings that comply with Sharia, or Islamic law.
The executives are led by Prince Mishaal Bin Abdullah Bin Turki Al-Saud, chief executive of Zad Investment Co., which manages his family's investments.
The new Bear Stearns Arabia Asset Management, which the New York investment bank (BSC) said in a statement is its first step into the Persian Gulf region, will be registered in Saudi Arabia and headquartered in Riyadh.
Targeting wealthy clients, the venture's traditional offerings will include equity, fixed-income, hedge-fund and private-equity opportunities.
Al-Saud will be chairman of the venture. Michel Peretie, CEO of Bear Stearns International Ltd., and Christian Yates, head of international operations for Bear Stearns Asset Management, will sit on the board.
The new firm joins Bear Stearns's asset-management expertise "with a deep knowledge of the investment needs and preferences of large investors in the kingdom" and the Persian Gulf region, Al-Saud said in the statement.
Peretie added that Bear Stearns hopes to develop relations with other Gulf Cooperation Council states, with the goal of offering "not only asset-management products but also a full range of trading, brokerage and advisory services."
The GCC ties together the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait to help the nations coordinate efforts on their economies, trade, customs, tourism, science, education and culture and more.
The Bear Stearns Companies Inc.
The Bear Stearns Companies, Inc.
Bear Stearns' World Headquarters is located at 383 Madison Avenue, between E. 46th Street and E. 47th Street in Manhattan. The company currently employs more than 13,500 persons worldwide. The firm is headquartered in New York City with offices in Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, San Francisco, San Juan, Whippany and St. Louis.
Internationally the firm has offices in London, Beijing, Dublin, Hong Kong, Lugano, Milan, São Paulo, Shanghai, Singapore, and Tokyo.
In 2005-2007, Bear Stearns was recognized as the “Most Admired” securities firm in Fortune’s “America’s Most Admired Companies” survey, and second overall in the security firm section. The annual survey is a prestigious ranking of employee talent,
quality of management and business innovation.
BearsSterns.com
Pertinent Links:
1) Bear Stearns, Saudis Plot Sharia Venture
1 comment:
Bin Laden finances jihad through narcotics trafficking.
I wonder if they'll offer investments in that.
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