Bakheet signs pact with Derayah

16/01/2010 00:00 AST

Bakheet Investment Group, a CMA licensed firm, has signed an agreement to distribute its mutual funds with Derayah Financial. This is the fifth fund distribution agreement to be signed by Derayah with local banks and investment firms.

As per the deal, Derayah will be distributing Bakheet's funds to individual investors through its website, which is the first mutual fund supermarket in the Middle East.

It will be used as a model for future agreements between Derayah and other financial firms who aim to enhance the availability of their products and services and to boost the distribution channels of their investment funds to individual investors through Derayahs website, the first mutual fund supermarket in the Middle East, said a company statement.

Beshr Bakheet, CEO of Bakheet Investment Group, described the agreement as a leading step forward towards achieving the aims of the group which seeks to diversify and increase their distribution channels and offer more choices to their clients.

This agreement between Bakheet and Derayah increases the number of mutual funds available to individual investors through Derayahs website to more than 60 funds representaing assets under management of over SR40 billion ( ), he pointed out.

This deal, Beshr said, makes Bakheet's investment funds available to a wider number of individual investors.

We have chosen Derayah to distribute our investment funds due to their extensive experience and the wide variety of products of various firms and banks which they offer through their web site, he pointed out.

With the new agreement, Bakheet investment funds will be available to Derayahs wide base of customers through the first mutual fund supermarket in the Middle East, he added.

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