By Ulf Laessing
DUBAI (Reuters) - Kuwaiti investment bank Global Investment House (GLOB.KW: Quote, Profile, Research, Stock Buzz) is considering buying a Swiss bank and U.S. asset manager as part of its plans to expand and almost triple assets under management in five years, a senior bank official said on Monday.
The U.S. acquisition will give Global an asset manager in New York to help investors there tap into Gulf Arab stock markets where valuations have tumbled after a crash last year, Global's Executive Vice President Bader al-Sumait said.
"We've seen the need to have an asset manager in the U.S.," said al-Sumait.
He added U.S. investment banks Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Bear Stearns BSC.N were selling agents for a $1 billion fund by Global.
The Swiss purchase would give Global a banking license to serve investors from the world's top oil exporting region in a market traditionally used as a safe haven, he told the Reuters Middle East Investment Summit in Dubai.
He did not identify either target but said neither would be listed. The deals could be concluded next year, Sumait said.
"We are in no rush," he said.
Kuwait's biggest investment bank by market value aimed to increase assets under management to $20 billion in five years from $7.2 billion at the end of 2006, he added. Continued...
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