RIYADH, 28 January 2008 — CAAM Saudi Fransi LLC (CSF) has started in the Kingdom its activity in practice of asset management products and services, the company said yesterday.
CSF is created in accordance with the Capital Market Authority requirement calling for the establishment of independent companies specializing in investment services.
CSF offers all asset management such as investment and other investment products, which were carried out by Banque Saudi Fransi.
Richard Lepere, chief executive officer of CSF, said Caam Saudi Fransi is a joint venture between BSF and Credit Agricole Asset Management (CAAM), the 10th largest asset manager in Europe with 545 billion euros of clients’ money under management as of March 2007. Operating out of 8 international investment centers and with a total staff in excess of 2,100, CAAM offers diversified services (mutual funds and discretionary mandates) to private investors, corporate and institutional clients in Europe, Asia, Australia, Canada and the Middle East.
CSF provides a comprehensive range of 18 mutual funds, both conventional and Shariah-compliant.
The company recently launched discretionary portfolio management services to broaden its services. “We cover most asset classes and will continue to launch new funds to bring the latest innovations to Saudi investors. Caam Saudi Fransi endeavors in seeking to achieve high performance of their investments and put high-quality services to their clients, armed with long experience in the Saudi market through Banque Saudi Fransi and specialized assets management.” Lepere said.
BSF announced a net profit of SR2.711 billion for the year 2007, with total operating income at SR3.701 million (SR3.939 million in 2006) and earning per share at SR4.82 (SR5.34 in 2006 taking into account the increase of BSF shares from 337.5 millions to 562.5 millions processed in March 2007).
