Jul 06 2011 |
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Strong Growth by Investment Business Firms
Manama-Kingdom of Bahrain- -06 July 2011 - The Investment Business Firms sector, in Bahrain has shown strong growth during the first quarter of 2011, compared with the same period last year.The sector, comprising of 51 Investment Business Firm licensees from all three sub-categories of the Investment Business license (IB), reported total Assets Under Management (AUM) of BD3.9 billion (US$ 10.3 billion) as at 31 March 2011, an increase of 42.7% over the same time last year. Investments as Principal totaled BD122.6 million (US$324.3), an increase of 66.8% from the figure of BD73.5 million (US$ 194.4) reported for 31 March 2010.
The Investment Business (IB) license was introduced by the Central Bank of Bahrain ( CBB ) in 2006, as part of a new licensing regime to replace the restrictive Investment Advisory License and to simultaneously cater for firms who wish to offer a larger range of investment products and services, including asset management, yet differentiated from the investment banking license.
Since the introduction of the investment business regime, the number of IB licenses granted by the CBB grew from an initial figure of 22 (licensees who were automatically migrated from the old Investment Advisory regime) to 51 licenses in July 2011
Mohammed Ayman Al Tajer, Director of Financial Institutions Supervision Directorate, commented on the growth trend of this sector by stating:
The global economic crisis had put pressure on the region's capital markets and investors. However, it is an established fact that any crisis/slowdown is a time phase of a given economic cycle and problems would always bring about opportunities".He added, "One of the effects of the crisis on the investment business sector was the stress put on assets valuations in general, bringing them to a level which would emanate new opportunities waiting to be seized. In times like this stakeholders need to be optimistic about the future and continuously vigilant of the available opportunities".
- Ends -For more information, please contact:
Central Bank of Bahrain ( CBB )
Contact: External Communications Unit
Tel: +973 17547357/17547360
E-mail: media@cbb.gov.bh
Website: www.cbb.gov.bh
© Press Release 2011
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