KAMCO Investment Co. agreed to acquire a 69.5% stake in regional money manager Global Investment House from NCH Ventures, KAMCO said in a news release.
The size of the deal with NCH Ventures, a Bahrain-domiciled firm that represents the interests of more than 50 financial institutions, was not disclosed. The transaction is pending regulatory approvals.
"Signing this agreement is an important step in the acquisition process of what will be one of the largest acquisitions of its kind in the recent history of Kuwait's investment sector and the region," KAMCO CEO Faisal Mansour Sarkhou said in the news release. "We believe that this acquisition further solidifies our role in the market and demonstrates the scalability of our long-term business model."
Mr. Sarkhou added, "By combining the experience and expertise of both firms, we will evolve into a larger entity that can competitively operate on a global scale."
Global Investment House has 909.5 million Kuwaiti dinars ($3 billion) in assets under management.
KAMCO's AUM in 2017 stood at 3.37 billion Kuwaiti dinars. A spokesman could not be reached to comment about the deal.