Muscat Fund, managed by the asset management division of Bank Muscat, has decided to widen the objective of the fund to invest in initial public offerings (IPOs) in the sultanate and global depository receipts (GDRs), in the global financial markets, related to companies listed on the Muscat Securities Market (MSM).
The decision was taken at the annual general meeting of the unit holders of Muscat Fund. All the members of the Muscat Fund's board of directors were also re-elected in the meeting, according to a press release.
Ghassan al Hashar, chairman of Muscat Fund, said, “Muscat Fund is a unique investment vehicle that tracks the performance of MSM30 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, the release said, adding, “Muscat Fund generated a return of 21.9 per cent for the year.”
Managing funds and portfolios since 1993, and with assets worth US$1.5bn under management, Bank Muscat Asset Management is the biggest wealth manager in Oman, as well as a leading player in the region. This dominant position endorses the performance of various funds under the mandate of Bank Muscat Asset Management and also the proven ability of the fund managers in challenging situations, the release added.
The asset management division continues to expand its activities in equities, fixed income, real estate, and alternate investments.© Copyright - Muscat Daily