Swiss asset manager to open Bahrain office
Manama, January 17, 2012
Swiss asset manager Notz, Stucki & Cie (NS) is set to open its office in Bahrain as part of the company's plans to launch its Middle East operations.
The Central Bank of Bahrain (CBB) said it has granted a representative office licence to the Swiss firm for operation in the Kingdom.
A member of the Swiss Association of Asset Managers (SAAM) based in Geneva, NS is one of Europe’s largest wealth management companies.
With its presence in Luxembourg, Singapore, London, Zurich and Bermuda, the Swiss firm provides a wide range of asset management services to individual and institutional investors.
Ahmed Al-Bassam, director of Licensing & Policy, CBB, welcoming NS’s decision to choose the Kingdom as its first presence in the region, said, 'The past few years have witnessed an increasing interest for asset management companies on a global scale.'
'Bahrain has accommodated both regional and international asset management companies, which have chosen the Kingdom as their hub to reach the market in the Middle East,' he noted.
In addition, Bahrain has created a proper environment for growth of financial institutions such as banks, Takaful & Retakaful insurance firms, asset management firms, and trust service providers, by creating and implementing relevant regulations, said Al Bassam.
'This has encouraged many financial institutions worldwide to provide their services through setting up a base for their operations in Bahrain,' he noted.
According to him, the CBB has granted 20 new licences in 2011, of which four were for international asset managers, compared with a total of 14 licences granted the year before.
Herwig Von Hove, managing partner and head of the NS executive committee expressed delight at receiving the licence from CBB to start regional operations.
'NS is one of the largest, fully independent asset management groups in Europe with a long history (founded in 1964) and continuous strong track record; the firm offers advisory and discretionary portfolio management and multi-manager funds.'
'We have a global presence with a strong client base and it was a natural progression to establish a presence in the region,' he added.
Maria Sofia Kourti, head of Middle East who was named general manager of the Bahrain Representative Office said, “Having done a feasibility study on the region, we found Bahrain’s regulatory framework most robust for our business model, which heavily influenced our decision to establish our Gulf/Middle East presence here.'
'We are pleased to be welcomed by the CBB in the Kingdom and we are looking forward to being a key contributor in both the alternative investment and the traditional asset management space,' he added.-TradeArabia News Service
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