CBK arm signs deal with US firm SEI

Tijari Private Bank (TPB), a unit of Commercial Bank of Kuwait (CBK), has signed a strategic partnership with US-based outsourcing asset management and investment processing firm SEI to deliver investment management solutions to Kuwaiti investors.

The partnership will enhance the local market knowledge and client relationships of CBK with the global reach and regional capability of SEI to create a bespoke market offering for Kuwaiti investors.

CBK is one of Kuwait's largest banks by assets and is the first Kuwaiti bank with which SEI has partnered.

TPB will utilise SEI's investment management services, a key component of Global Wealth Services, that leverages its leading manager-of-managers approach and employs a rigorous process to evaluate, select, monitor and administer global managers in every geography and asset class.

SEI will administer Tijari's Managed Account Program, which will offer asset allocation portfolios and a range of conventional and Islamic funds. Jahangir Aka, Senior Executive Officer for Middle East at SEI, said: "We are very pleased about partnering with TPB and excited about the opportunity to help them deliver a world class investment management solution to Kuwaiti investors who are looking to diversify their current portfolio. We have always placed a premium on working with organisations that are progressive and that want to offer their customers the best services available regardless of where they are located."

Ibrahim Attia, Head of Tijari Private Bank at CBK, said: "We undertook a detailed review and found SEI's market knowledge, research and investment capabilities to be very impressive.

Additionally, SEI has developed the unique ability to deliver an integrated investment, operational and distribution support model through a single relationship.

This enables TPB to provide added value and consistent service for our asset management offering while allowing us to focus on delivering the sort of personal private banking service that our customers value.

This partnership demonstrates CBK's continuing commitment to bringing our clients innovative and market-leading solutions."

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