WH Ireland says Kuwaiti investor transfers stake in firm

A view of the financial district in the City of London. WH Ireland Group said that its second biggest investor, Kuwaiti European Holding Group (KEH), had transferred ownership. (Shutterstock)
Updated 20 July 2018
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WH Ireland says Kuwaiti investor transfers stake in firm

LONDON: WH Ireland Group said on Friday that its second biggest investor, Kuwaiti European Holding Group (KEH), had transferred ownership of its 23.1 percent stake in the financial services company. The British stockbroker said the transfer meant KEH no longer had the right to appoint a director to the board of the company. KEH Chief Executive Humphrey Percy has stepped down from his director role with immediate effect.
WH Ireland, which offers private wealth management, wealth planning and corporate broking services, said KEH’s stake was now held by three individuals: Abdulaziz Al-Bader, who holds a 9.21 percent stake; Thamer Al-Wazzan, with 8.56 percent; and Waleed Al-Thaqeb, with 4.09 percent.
WH Ireland attracted investment from the Middle East in 2016 when KEH spent 8.45 million pounds ($11.02 million) to buy its stake to help serve financial services clients across the Middle East and Britain.
KEH, an investment company focused on property, health and leisure businesses, said then that WH Ireland’s business model and strategy was “highly complementary” to that of KEH’s financial services businesses — Armila Capital and Al-Fouz Investment Company.
Two of WH Ireland’s three biggest stakeholders — Polygon Global Partners and Oceanwood Capital Management — are hedge funds.
Spokesmen for Polygon and Oceanwood were not immediately available for comment. A spokesman for WH Ireland declined to comment further when contacted by Reuters.
WH Ireland’s stock was 1.3 percent lower at 1150 GMT.
The firm’s CEO Richard Killingbeck stepped down on Thursday following two years of losses, hurt by reduced transactions from corporate and institutional broking division and continuation of higher costs in private wealth management division.
($1 = 0.7665 pounds)


SoftBank to launch Vision Fund 2 mega-venture

Updated 10 sec ago
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SoftBank to launch Vision Fund 2 mega-venture

  • Vision Fund 2 will aim to pull in existing investors such as the Public Investment Fund in Saudi Arabia and Mubadala in the UAE
  • Vision Fund 2 is expected to at least equal the original fund’s $97 billion fund, and could reach $150 billion

LONDON: The global mega-investor SoftBank Vision Fund is preparing to launch another giant investment venture.
Vision Fund 2 will aim to pull in existing investors such as the Public Investment Fund in Saudi Arabia and Mubadala in the UAE, the biggest investors in the original fund along with SoftBank, the Japanese group run by Masayoshi Son.
Sources told Arab News that Vision Fund 2 is expected to at least equal the original fund’s $97 billion fund, and could reach $150 billion — which would make it the largest private investment fund in history.
A team from SoftBank Investment Advisers led by its chief executive Rajeev Misra and Masayoshi Son have been in preliminary discussions with potential investors for several months.
They have been talking to sovereign wealth funds in the Middle East and elsewhere, as well as big global corporates, some of which were also investors in the first fund.

*** Read our full interview with CEO Rajeev Misra here: SoftBank Vision Fund stands shoulder to shoulder with Saudi Arabia — CEO Rajeev Misra ***
Investment is also expected from global banks, insurance companies and pension funds, and SoftBank is expected to put up about $40 billion.
The first phase of the launch is due to end “in the next few months,” with a final close around 12 months later.
The original fund plans to return profits to existing investors over the next few months, including big partners such as PIF, Mubadala and SoftBank. If they see healthy returns they may be more likely to invest heavily in the new fund.
The interests of Saudi Arabia and the Vision Fund align as the Kingdom diversifies away from reliance on oil, Misra told Arab News. “Our commitment is to support the creation of tens of thousands of jobs in Saudi Arabia, high-tech jobs not blue collar, over the next few years,” he said.