Bahrain's BMB Teams Up With HK's Orion To Launch $50M China Fund

Thursday, Nov 17, 2011

BEIRUT (Zawya Dow Jones)--Hong Kong-based alternative asset management firm Orion Partners said it will act as manager of Bahrain Middle East Bank, or BMB's new $50 million China-focused private equity fund.

The fund, which will be set up in collaboration with Orion, will target investors from the Gulf Cooperation Council, or GCC, Orion said in a statement posted Thursday on the Bahrain bourse's website.

This strategic partnership gives BMB investors an opportunity to access China --the world's second largest and fastest growing economy, Akbar Habib, BMB's chief executive, said in the statement.

"Even though China will be the world's largest economy by the end of this decade, less than 12% of GCC foreign assets are in Asia, and even less in China. Together with Orion, we will help our clients diversify and provide unique access to the consumer sector -- the fastest growing segment in China's booming economy," he added.

By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

Copyright (c) 2011 Dow Jones & Co.

(END) Dow Jones Newswires

17-11-11 1131GMT