KIPCO Asset Management Company KSC – KAMCO
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| Closed Shareholding | |
| Industry | Asset Management and Financial Services |
| Founded | 1998 |
| Headquarters | Kuwait City, Kuwait |
Key people |
Abdullah Nasser Al-Sabah, Chairman Faisal Mansour Sarkhou , CEO |
| Services |
Asset Management Financial Services and Investments Investment Advisory and Research |
| Revenue | USD 84.1 million (KWD 23 million) in 2008 |
| USD 4 million (KWD 1.1 million) in 2008 | |
| Website | http://www.kamconline.com |
KIPCO Asset Management Company KSC (KAMCO) was established in 1998 as a subsidiary of United Gulf Bank (UGB) – the investment banking subsidiary of Kuwait Projects (Holding) Company, i.e., KIPCO and specialises in asset management and financial services in Kuwait and the Middle East and North Africa (MENA). Having increased its share capital from KD 15 million to KD 20 million in June 2003, KAMCO was listed on the Kuwait Stock Exchange (KSE) in October of the same year. KAMCO’s current capital stands at KD 26.33 million distributed among 263.3 million shares with a par value of 100 fils each.
Organization
Key Business Divisions
KAMCO has three key business divisions:
Asset Management – which offers services such as securities trading, derivative trading, portfolio structuring and asset allocation advice, brokerage services, tailored portfolio management services, mutual funds, access to IPOs and privatization issues and alternative assets. The Division's MENA Asset Management Department offers investors comprehensive access to Kuwaiti and other Middle East capital markets. The International Asset Management Department monitors the wide variety of investment instruments that are available in the global capital markets. Among the Department's core services is a discretionary international portfolio, customized to meet each investor's requirements and objectives.
Financial Services and Investments - includes the Direct Investment Department - responsible for KAMCO’s proprietary investments, strategic product development and subsequent product launch activities; the Private Equity Department - established to cater to the growing demand for such services in Kuwait by investing in private equity deals in regional and global sectors, including telecom, technology, real estate, healthcare and traditional service companies ; the Strategic Projects Department – tasked with providing KAMCO’s senior management with relevant insight into and analysis of various companies in order to facilitate better co-operation with and management of these organizations; and the Corporate Finance Department.
KAMCO's Corporate Finance Department provides comprehensive products and services, including advice on corporate strategy, mergers & acquisitions, corporate restructuring and the raising of capital in equity and debt markets. In addition to seller/buyer representation, target research and transaction negotiation, the Department provides essential support to clients during their investment decision-making process by overseeing feasibility studies, valuations, legal advisory and other due diligence processes to ensure more effective transaction implementation. In the period from mid-2001 up to June 2009, KAMCO successfully completed 64 key Corporate Finance transactions for its clients with an aggregate value of KD 2.55 billion (approximately $9.05 billion).
Investment Advisory and Research - monitors the latest directions and trends in the Kuwaiti economy and stock exchange, and regional stock markets. The Division provides investors with extensive data on all companies listed on the Kuwait Stock Exchange and publishes periodic reports on the seven GCC equity markets, market reports analyzing economic and money trends in Kuwait and developments in the oil market, investment reviews through equity research reports on local listed companies. The Division will expand its market coverage to include other markets in the MENA region and will introduce a new package of KAMCO TRW Indices that track the performance of the GCC equity markets.
Investment Funds
KAMCO manages several mutual funds including the Bond and High Yield Fund, the KAMCO Investment Fund, the Al Jazi Money Market Fund and the KAMCO Energy Services Fund. In addition, the Private Equity Department at KAMCO manages the Kuwait Private Equity Opportunities Fund which invests in private companies in Kuwait; the Kuwait Education Fund in association with the National Offset Company - a specialized fund dedicated to the development of the education sector in Kuwait; and the National Investment Fund Portfolio for small and medium-sized projects which is an investment portfolio managed on behalf of the Kuwait Investment Authority (KIA).
Milestones
Achievements
- KAMCO was appointed by KIPCO as sole and exclusive acquisition advisor for KIPCO’s KD 100 million Acquisition Program which supports the national economy by acquiring Kuwaiti companies which have growth potential, through cash acquisitions, asset swap, or through subscription in capital increases.
- KAMCO launched the KAMCO Energy Services Fund, the first hybrid energy fund in the Middle East offering both listed and unlisted equities, thereby enhancing the Fund's liquidity ratio.
- The Mergers and Acquisitions (M&A) deal for KIPCO undertaken by KAMCO by selling a 51% stake of Kuwait’s Wataniya Telecom on behalf of KIPCO to Qatar’s Q-Tel for KD 1.075 billion (US$3.72 billion) represented the single largest private sector merger and acquisition transaction in the GCC region at the time.
- KAMCO facilitated the Burgan Bank / KAMCO dealing room – a first-of-its-kind virtual Dealing Room in Kuwait featuring Reuters Terminals - at Kuwait University’s College of Business Administration (CBA).
Awards
- KAMCO was shortlisted to the 'Best Asset Management House' category at the Banker Middle East Industry Awards 2009 by a jury comprising industry experts, rating agencies and independent consultants. KAMCO was also the only company from Kuwait to be nominated to the 'Best Asset Management House' category.
- KAMCO won the Best Financial Services Website prize in Kuwait at the HH Shaikh Salem Al-Ali Al-Sabah Award for Informatics.
- KAMCO’s ‘Bu Rashed’ Television Commercial won the Gold Award as the ‘Best Advertising Campaign in the Banking & Investment Sector’ at the Kuwait Arab Advertising Awards 2006.
References
KAMCO 2008 Annual Report Management Review