"We are focusing on companies that deal with $250 million to $2 billion," Stuart Henrickson, chief executive officer of Muscat Securities House, told Arab News. He added that this was a sector that was not well focused since the high-end companies were covered by other investment banks in the Kingdom.
He said that MSH got its license from the Capital Market Authority (CMA) only last year and its parent body BankMuscat has also already started operations in Riyadh. MSH is licensed and authorized by the CMA to provide the investment services of dealing, managing, custody, arranging and advisory.
He noted that the MSH had established an initial team of 18 staff across three primary departments such as investment banking, wealth management and brokerage. He said that the investment banking department provided comprehensive financial advisory and capital market solutions to corporate clients by assisting them to achieve their strategic and financial objectives. Its services include equity capital markets - raising equity via IPOs (initial public offerings) and rights offerings, debt capital markets - raising debt via the issuance of tradable bonds, sukuk, and convertibles and advisory services - mergers and acquisitions, restructurings and capital raisings.
Its wealth management department aims to offer a comprehensive suite of financial services to a diverse group of institutions, high net worth individuals and retail investors of Saudi Arabia. "The department will offer local and international mutual funds, discretionary portfolio management services, and structured notes. Products offerings will include both Shariah-compliant and conventional products across various asset classes, providing diversifications and aimed at maximizing the wealth of our clients."
He indicated that MSH was currently seeking CMA approval to launch its first fund, the Oman Premier Fund, based on the highly successful Muscat Fund which was established in 1995 and has returned 40.1 percent in the past 12 months.
The brokerage department is equipped with state-of-the-art online trading systems and highly-trained staff. "Customers can currently trade on the Saudi Tadawul, and we are in the process of rolling out trading in all major regional stock exchanges," he noted.
In addition to Internet and phone trading via a dedicated call center, he said MSH provides a comfortable, suitably equipped trading lounge at its headquarters. "At Muscat Securities House, we believe that delivering outstanding Brokerage Services to clients is a critical ingredient in delivering good investment results."
Henrickson has 25 years of experience in corporate and investment banking. He has been in the Middle East for the past 11 years, primarily in the Kingdom with Saudi Industrial Development Fund, and in the UAE as general manager - investment banking with National Bank of Abu Dhabi.
With assets worth over $15 billion, BankMuscat, is the leading financial services provider in Oman with a strong presence in corporate banking, retail banking, investment banking, treasury, private banking and asset management. With over 900,000 customers and 125 branches, BankMuscat has the largest network of any Omani banks.
In addition to its 97 percent ownership of Muscat Securities House, BankMuscat's international operations consist of international branches in Riyadh and Kuwait, a representative office in Dubai, and strategic stakes of 49 percent in BMI Bank in Bahrain, 35 percent in Silkbank Limited in Pakistan and 43 percent in Mangal Keshav Holdings in India.
BankMuscat holds the distinction of being voted the "Best Bank in Oman" for seven years by The Banker, Financial Times London; nine years in a row by Global Finance and Euromoney. BankMuscat recently won a prestigious Hewitt recognition as the Middle East's Best Employer 2009.
