KIPCO Asset Management arm to set up asset manager in Libya.
BANKING AND CREDIT NEWS-28 June 2010-KIPCO Asset Management arm to set up asset manager in Libya(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com
28 June 2010 - A unit of Kuwait-based asset management and financial services company KIPCO Asset Management Co (KUW:KAMCO) is holding talks for the launch of a USD10m (EUR8.1m) asset management firm in Libya, daily Al Watan said.
KIPCO Asset Management is a subsidiary of investment holding company Kuwait Projects Company (KUW:KPROJ), or KIPCO.
The negotiations underway are with Libyan investors. The company is examining such opportunities elsewhere in North Africa as well, the paper said.
The new firm should be established in the coming months, Al Watan noted.
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