EIIB-Rasmala, a London-listed asset manager with offices in Dubai, Muscat and Cairo, says its assets under management fell slightly in the first six months of the year due to redemptions and market movements.
At the end of June, the firm had $1.1 billion under management, a decline of $23 million compared with the end of 2014. The fall in assets came despite a gross inflow of $130 million in the first six months of the year.
“The first half period was marked by a challenging geopolitical and economic environment and a significant increase in market volatility,” says Zak Hydari, chief executive of EIIB-Rasmala. “Despite this market turbulence, we remain focused on growing our two key business lines and broadening our product offerings to clients.”
The decline in assets under management was reflected in a fall in income. A statement from the firm says it made an operating profit before tax of $900,000 in the first half of the year, compared with $1.5 million in the corresponding period of 2014.
©2015 funds global mena