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Fund managers cut portfolio requirements
March 7, 2010
Fund managers in the Gulf have reduced the minimum requirement for managing individual portfolio to one-fourth of the previous amount, Emirates Business has learnt.
Asset managers are now identifying new groups of people that had so far not been considered worthy of tapping for managing individual portfolios.
"We have reduced the minimum amount of assets required for private portfolio management from $20 million (Dh73.4m) to $5m over the past one year," said Seid Suleman, President, Miraj, a Canada-based company that attracts a lion's share of investments for its 'Miraj gold and precious metals private portfolio' from the Gulf.
"There were talks of reducing the amount to $1m but that was not feasible for us. That's because as fund manager we charge one per cent as management fee and that's a good proportion of $1m," Suleman added.
Other wealth managers are targeting even lower portfolios. The CEO of BNP Paribas Wealth Management (GCC) Serene El Masri earlier said that the bank now considers Non-Resident Indians (NRIs) with a potential to invest $ 1m as an important target.
Original Posting At: Business24-7
Asset managers are now identifying new groups of people that had so far not been considered worthy of tapping for managing individual portfolios.
"We have reduced the minimum amount of assets required for private portfolio management from $20 million (Dh73.4m) to $5m over the past one year," said Seid Suleman, President, Miraj, a Canada-based company that attracts a lion's share of investments for its 'Miraj gold and precious metals private portfolio' from the Gulf.
"There were talks of reducing the amount to $1m but that was not feasible for us. That's because as fund manager we charge one per cent as management fee and that's a good proportion of $1m," Suleman added.
Other wealth managers are targeting even lower portfolios. The CEO of BNP Paribas Wealth Management (GCC) Serene El Masri earlier said that the bank now considers Non-Resident Indians (NRIs) with a potential to invest $ 1m as an important target.
Original Posting At: Business24-7
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