Bakheet signs Derayah mutual fund pact
Riyadh, January 16, 2010
Bakheet Investment Group, a CMA licensed firm, has signed an agreement to distribute its mutual funds with Derayah Financial. This is the fifth fund distribution agreement to be signed by Derayah with local banks and investment firms.
As per the deal, Derayah will be distributing Bakheet’s funds to individual investors through its website, which is the first mutual fund supermarket in the Middle East.
It will be used as a model for future agreements between Derayah and other financial firms who aim to enhance the availability of their products and services and to boost the distribution channels of their investment funds to individual investors through Derayah's website, the first mutual fund supermarket in the Middle East, said a company statement.
Beshr Bakheet, CEO of Bakheet Investment Group, described the agreement as a leading step forward towards achieving the aims of the group which seeks to diversify and increase their distribution channels and offer more choices to their clients.
'This agreement between Bakheet and Derayah increases the number of mutual funds available to individual investors through Derayah's website to more than 60 funds representaing assets under management of over SR40 billion ($10.6 billion),' he pointed out.
This deal, Beshr said, makes Bakheet’s investment funds available to a wider number of individual investors.
'We have chosen Derayah to distribute our investment funds due to their extensive experience and the wide variety of products of various firms and banks which they offer through their web site,' he pointed out.
'With the new agreement, Bakheet investment funds will be available to Derayah's wide base of customers through the first mutual fund supermarket in the Middle East,' he added.
Mohamed El-Kuwaiz, Derayah's managing director, said, 'Through this agreement, we look forward to diversify the investment options available to individual investors hoping this will help them choose the ones that best suit their needs and aspirations.'
'Individual investors can now enjoy the widest variety of funds through Derayah's unique web site, with no minimum and no fee to open an account,' El-Kuwaiz remarked.
'We are happy with this new agreement with Bakheet Investment Group which has played a pioneering role in developing investment funds and tools for individuals,' he said.
'In the past, the investor had to search for the investment funds suitable for him in different locations which took him longer and caused him more trouble. In addition, investment companies offer only the investment funds that they manage, which in turn reduces the number of options and alternatives available for the investors,' El-Kuwaiz explained.
'We are certain that our agreement with Bakheet will be of huge benefit to investors, especially with the investors' increased tendency towards investment funds that help them diversify their portfolios with peace of mind,' he added.-TradeArabia News Service