An announcement about the split, dubbed “Project Momentum,” could come as early as this week, the people said.
Lewis Allsopp, CEO of Allsopp & Allsopp, attributes this to two reasons - affordability and mentality.
“I have been to Riyadh, I met the head of SAMA [the Saudi Arabian Monetary Authority], I made the application myself,” Reuters quoted Thiam as saying in response to a query made during a news conference.
The Q3 2018 Compass report kept a tactical overweight position in Developed Markets Equities, with the preferred developed region to invest in being Continental Europe, and with some exposure to Japan to enhance diversification.
According to the BCG report, personal wealth in the Middle East region rose 11 per cent to US$3.8tn in 2017, a significant increase compared with the CAGR for the previous five years.
The acquisition is conditional on, inter alia, regulatory and competition authority approvals and is expected to complete by Q1 2019.