BLOM Bank creates asset management firm
BLOM Bank, the country’s second largest bank by assets, has established a fully-owned asset management firm to operate its portfolio of local and regional investment funds.
The new firm, named BLOM Asset Management Co., will perform the same activities that are being carried out by the existing asset management division. The move is part of the bank’s expansion plan.
Existing employees in the asset management department will be transferred to the new company whose General Manager will be Michel Chikhani. Chikhani is currently Head of Asset Management at Blominvest Bank.
BLOM Asset Management will be ready to start operations several months from now after all required procedures are completed.
The new company’s capital is LL 7.5 billion ($5 million), according to the Commercial Register website.
The Capital Markets Authority has already added BLOM Asset Management to the list of financial brokerage companies.
Blominvest currently manages a number of funds that invest in bonds and equities locally and abroad.
Reported by Shikrallah Nakhoul
Date Posted: May 20, 2016