RUSD Investment Bank Bridges CIMB-Principal to Mid-East Investors
Middle Eastern investors will access Asia-Pacific and Malaysian Equity Markets by early 2013
Thursday, 20 September 2012
Kuala Lumpur: CIMB-Principal Asset Management Berhad (CIMB-Principal) today signed a Letter of Arrangement and Operating Memorandum with RUSD Investment Bank Inc. (RUSD), headquartered in Labuan. RUSD will be creating two Investment portfolios domiciled in Labuan for distribution to their clients in Middle East, a breakthrough that has been in development for almost two years.
Incorporated in August 2002, RUSD Investment Bank obtained its licence in February 2003 and is regulated by the guidelines set by the International Business & Finance Centre (IBFC), one of the leading regulatory bodies in the Asia Pacific Group. It offers a new facet of Islamic investment and financial services, in not only traditional asset management products, private placements, financial advisory services but also Islamic Trusts. This allows investors greater control in managing, investing and allocating their assets. It also provides premium services to private high-networth individuals, banks and financial institutions, insurance companies, pension trustees, corporations, charities and endowments.
The two newly set-up portfolios will feed into CIMB Islamic Asia Pacific Equity Fund and CIMB Islamic DALI Equity Growth Fund which are both Malaysian-based funds managed by CIMB-Principal.
Speaking at the signing ceremony held earlier today, Campbell Tupling, Chief Executive of CIMB-Principal commented, “These funds represent the first collaboration between CIMB-Principal and RUSD. By combining CIMB-Principal’s award-winning expertise in the Malaysian and Asia Pacific (ex Japan) markets and RUSD’s innovative successes in the Islamic financial market and network in the Middle East, we are able to offer Middle East investors access to investments in both markets whilst still meeting Shariah requirements.”
Naseeruddin Ahmed Khan, Chief Executive Officer of RUSD Investment Bank, who inked the agreement for RUSD, said, “RUSD Investment Bank is geared, committed and dedicated to becoming a leader in modern Islamic finance by developing competitive solutions that are Shariah-compliant and are alternatives to conventional financial instruments and investment products. This partnership will help us to achieve our goal to exceed the expectations of our sophisticated clients based on their needs. We have grown into an entity with a unique business model, and a strong network in the GCC countries and the larger Middle East region, as well as in South East Asian countries like Malaysia.”
The agreement with RUSD is another feather in CIMB-Principal’s cap, which was recently awarded the Best Asset Manager in Southeast Asia at the Alpha Southeast Asia Awards 2012 for the third consecutive year and was recognised for its widest range of market relevant products and investment options, including professional and prudent approach to asset management.
About CIMB-Principal Asset Management Berhad
CIMB-Principal Asset Management Berhad is a premier asset management company with regional investment capabilities. Established in 1995, it is one of the largest asset management companies in Malaysia with regional footprint covering Singapore, Indonesia and Thailand.
CIMB-Principal aspires to be Southeast Asia’s most valued investment management company offering total asset management solutions. It manufactures and distributes a comprehensive range of unit trust funds, and manages customised portfolio mandates for corporations, institutions, as well as government and pension funds. Its regionally integrated team of dedicated investment professionals offers expertise ranging from equity, fixed income, cash management, and Shariah-compliant fund management.
CIMB-Principal is jointly owned by CIMB Group, one of Southeast Asia’s leading universal banking groups; and The Principal Financial Group, U.S.A., a NYSE-listed global financial service company and a leading Fortune 500 company.