BBK closes ING Mena fund
Manama, February 26, 2014
Bahrain-based BBK has announced the successful liquidation of its open-ended equity fund which was set up in partnership with Dutch financial group ING.
The liquidation of 'BBK-ING Mena Fund' follows an earlier decision by ING to close the fund, which had achieved a healthy return for its investors of more than 55 per cent since its launch, reported the Gulf Daily News, our sister publication.
BBK and ING originally launched this fund (an open-ended equity fund) in 2010. The objective of the fund was to enable clients to invest in a portfolio of GCC and Mena stocks in order to achieve long-term capital appreciation, it stated.
Following the liquidation of the MENA fund, all proceeds from investments in the fund have now been returned to investors.
"At BBK, we are committed to offering our clients a comprehensive range of investment products," said BBK chief executive Abdul Karim Bucheery.
"The bank strives to making these opportunities available to our investor base by hand-picking investment opportunities though diligence and market research that will enable our investors to achieve high returns," he remarked.
The fund was 'AA' rated by Standard & Poor's which fetched an array of new investors thanks to the various advantages and benefits that rarely exist in the market, with 55pc return since inception, no performance fee, no redemption charges and no lock up period.
This brought in a great mix of both returns and the ability of flexible exiting.
With BBK's commitment to its sophisticated investors who enjoy a high level of liquidity and are awaiting the right opportunity to allocate their funds, where the risk to return ratios are appropriate, new investment products focusing on different markets are being explored by BBK.-TradeArabia News Service