BAHRAIN. Notz Stucki, the Geneva-based asset management firm, yesterday launched its Bahrain office, marking the occasion with a reception at the Ritz Carlton Hotel in Manama.
The Notz Stucki Group is one of the largest, independent, asset management companies in Europe, with US$7.5 billion of assets under management.
The decision by Notz Stuki to base its Middle Eastern operations in Bahrain follows similar moves in recent months by a number of leading international financial services firms, including Altaira Middle East, AMP Capital Investors and Canara Bank. Notz Stucki’s decision to locate in Bahrain demonstrates Bahrain’s continuing strength as a hub for firms looking to access the Gulf economy.
Grégoire Notz, Managing Partner, son of founding Partner Beat Notz, said: “Notz Stucki has been a pioneer in the industry for almost 50 years. We have prided ourselves on our unmatched rigor and professionalism and have always combined a mix of an entrepreneurial approach with strong continuity.
“We have found the same values in Bahrain. This high level of professionalism is a key feature of Bahrain, not only of the regulatory entities but also with the other private institutions we’ve met.
“Alongside these shared values, the sophistication and the hospitality we encountered in Bahrain was a key factor in our decision to open a Representative Office in the Kingdom. We would like to take this opportunity to thank the Central Bank of Bahrain (CBB) and the Economic Development Board (EDB) for their continued support.”
Commenting on the launch, H.E. Mr. Rasheed Al Maraj, Governor of the CBB, said: “We are very pleased to be able to greet Notz Stucki as it opens its regional office in Bahrain and are delighted to extend a warm welcome to all of its staff.”
The EDB holds responsibility for Bahrain’s Vision 2030 which is designed to drive the private sector as an engine of growth, support further diversification of the economy and ultimately elevate national living standards by creating greater opportunities for all Bahrainis.
According to the recent Bahrain Economic Quarterly, the financial sector in the Kingdom grew by 1.7% in the twelve months to June 2011 and the number of licensed financial firms now stands at 415, in comparison to 406 at the end of 2010.
Notz Stuki was founded in Geneva in 1964 as an asset management firm and was one of the first to identify the potential offered by hedge fund managers. It was a pioneer investor with early fund managers including George Soros, Paul Tudor Jones and Louis Bacon, before creating its own funds a decade later. The Group’s new Manama office joins its existing operations in Zürich, London, Bermuda, Luxembourg and Singapore.
About The Bahrain Economic Development Board (EDB)
The Bahrain EDB is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com