Kuwaiti asset manager Kamco Invest recorded a $9.63 million profit in 2019, up by 18.57% from the previous year.
The results are the first to be published since the firm completed a merger with fellow Kuwaiti manager Global Investment House in November and rebranded as Kamco Invest in December.
Assets under management stood at $13.5 billion by the end of 2019 while total revenues reached $86.38 million, the majority of which (71%) came via fee income.
Kamco Invest chief executive Faisal Mansour Sarkhou said that 2019 was “an exceptional year and a key phase in the history of Kamco Invest with the successful completion of the merger”.
The firm has also just sold a 9.61% stake in a number of special purpose vehicles for $9.65 million. According to a filing made with the Kuwait stock exchange, the transaction will lower both assets and liabilities by $9.57 million.
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