The Commercial Bank of Kuwait's (CBK) Tijari Private Bank (TPB) has partnered with SEI to provide investment management solutions for Kuwaiti investors.
Its strategic partnership is intended to enhance the local market knowledge and client relationships of CBK and provide wealth management products for TPB's clients including expats and institutional investors.
TPB will use SEI's investment management services, including its manager-of-managers approach and ability to evaluate, select and monitor managers in different geographies and asset classes.
SEI will administer Tijari's Managed Account Program which will offer asset allocation portfolios and a range of conventional and Islamic funds for Kuwaiti, expat and institutional investors.
"The unprecedented volatility in the global markets and investors' panic only reinforce the key principles that have guided SEI's investment philosophy for decades," says Jahangir Aka, senior executive officer, Middle East at SEI.
Investors should be well diversified across markets and asset classes to lower the risk of volatility as well as making long-term investment decisions, according to the firm.
Ibrahim Attia, head of Tijari Private Bank at CBK in Kuwait, says SEI can deliver integrated investment, operational and a distribution support model through a single relationship.
"This enables TPB to provide added value and consistent service for our asset management offering while allowing us to focus on delivering the sort of personal private banking service that our customers value," he says.
The partnership forms part of CBK's expansion into international markets as well as SEI's growth into the Middle East. CBK had KD4.3bn assets while SEI managed $162bn in assets at September 2008.
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