Bank Alkhair’s Asset Management division focuses on two main activities: family office services to benefit the Bank’s shareholders; and third party business through the launch of Alkhair-branded funds as well as the development of a “one-stop-shop” for Shari’ah-compliant investment solutions.
The Asset Management division has successfully supported clients’ portfolio requirements and has continued to achieve outstanding returns in its two equity funds, managed by Alkhair Portföy in Turkey. Alkhair Capital Saudi Arabia intends to introduce its initial funds offerings in 2011.
Bank Alkhair’s Asset Management division has previously structured and launched several funds in the GCC region. In 2005, the division structured and closed KSA Real Estate Fund I, a US$ 52.5 million fund investing in a residential real estate development in Riyadh and one of the first funds to allow non-Saudi nationals to participate in the rapid growth of the Saudi real estate market. Bank Alkhair successfully exited this investment in 2007. In 2008, the division successfully exited the Gulf Springs Real Estate Fund, a real estate fund launched in 2006 to provide investors with a vehicle to participate in and capitalise on immediate opportunities in the regional real estate market. In 2008 the Asset Management division also successfully closed capital raising for the Turquoise Coast Investment Company, a US$120 million project investing in the development of vacation homes in Bodrum, a coastal town on Turkey’s Aegean Coast.