Kuwait-based The International Investor (TII) is to list on the Bahrain Stock Exchange (BSE) several funds it advises in recognition of Bahrain's expanding role as the regional listing centre. 'We have made an in-house decision to list our funds on BSE,' Adnan al-Bahar, TII chairman and managing director said on 15 December.

The move will further boost Bahrain's ambition to become the regional listing centre for international and regional funds and bonds.Al-Bahar said that if TII finds BSE to be forward looking and efficient, it may also move its entire asset management operation to Manama from Kuwait. 'BSE has the ambition to play a regional role. It is more transparent and forward-thinking than the Kuwait Stock Exchange (KSE) and any other regional stock market,' he said.

Al-Bahar said that between 8-10 of the15 international funds TII advises on will be listed on the BSE by the end of February. 'The idea is to use the BSE as our regional hub capital market. We are a regional player and are not restricted to any geographical location,' he said. 'The problem with KSE is that of mindset and the style of management.'

Al-Bahar said that TII already has a presence in Bahrain through the 35:65 joint ventureAl-Khaleej Islamic Bank with the Bank of Bahrain & Kuwait and it will make sense to expand its presence in the country.

At present, TII advises on funds worth in excess of $3,000 million from its headquarters in Kuwait. The company's shares, listed on the KSE, have lost more than 30 per cent of their value from a year-high of 430 fils ($1.43) to end at 250 fils ($0.81) on 15 December.Al-Bahar said that share prices at the KSE, which has declined by some 50 per cent since late 1997, will improve. 'But the problem is with future vision of the management and the way things are being run.'