News Column

Muscat Fund to invest in shares, global depositories

June 29, 2014

Times News Service

Muscat: In a bid to provide better returns for investors, Muscat Fund has decided to invest in initial public offerings (IPOs) in Oman and Global Depository Receipts (GDRs) in global financial markets related to companies listed on the Muscat Securities Market (MSM).

The decision was made at the annual general meeting (AGM) of the unit holders of Muscat Fund, which is managed by the asset management division of Bank Muscat. All members of the Muscat Fund board of directors were also re-elected at the meeting.

Ghassan Al Hashar, chairman of Muscat Fund, said, "The Muscat Fund is a unique investment vehicle that tracks the performance of the MSM 30 companies. By including investments in IPOs and GDRs, the fund will be able to generate better returns for investors."

In 2013, the Bank Muscat Asset Management division delivered outstanding returns on all funds and portfolios managed by it. Muscat Fund generated a return of 21.9 per cent for the year.

Managing funds and portfolios since 1993 and with assets worth $1.5 billion under management (AUM), Bank Muscat Asset Management is the biggest wealth manager in Oman as well as a leading player in the region.

The bank's Asset Management division continues to expand its activities in equities, fixed income, real estate, and alternate investments.

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Source: Times of Oman

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