UBK forms asset management unit

02 January 1998
FINANCE

United Bank of Kuwait (UBK), the London-based consortium bank, is grouping its asset management operations together into a new subsidiary. The bank, which currently manages $2,600 million worth of assets, has appointed Bernard Wagenmann as the chief executive of UBK Asset Management.

Before taking up his new job, Wagenmann, 50, was chief investment officer at the UK subsidiary of Industrial Bank of Japan. Before that, he was at JP Morgan Investment Management.

His task will be to consolidate the existing asset management business of UBK into a single unit, with the exception of its Islamic Investment Banking Unit which will remain distinct.

No other new appointments have been finalised yet. 'Up until now, our asset management services have been spread throughout the bank.

This will bring them under the same umbrella,' says bank spokeswoman Michelle Lamb. UBK, which had total assets of $2,806 million at the end of last year, is owned by several Kuwaiti banks. It is active in the UK property market and launched a mortgage service for Muslims this year (MEED 21:3:97).

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