Two asset managers have been hired by the Islamic Investment Banking Unit (IIBU) of the United Bank of Kuwait (UBK), the London-based consortium bank.

Derek Weist, formally of Ernst & Young, and Robbie Morrison, previously of British & Commonwealth Merchant Bank, are to service client needs in leasing property, trading and currency investments.

The new recruits increase the IIBU team to six. The unit has recently launched an interest-free residential housing programme in the UK in partnership with Kuwait Finance House. The Dublin-based IIBU mutual funds, established earlier this year, is continuing to perform better than originally expected, UBK says.