KUALA LUMPUR: CIMB-Principal Islamic Asset Management Sdn Bhd expects exponential growth next year vis-a-vis its US$1.6 billion funds currently under management.
Its chief executive Datuk Noripah Kamso said CIMB-Principal Islamic was in negotiations with several parties to raise funds for its asset management activities, targeting the Gulf Cooperation Council (GCC) countries among others.
Noripah said it would normally take between 18 and 24 months to establish a relationship, build trust and convince clients of their investment prospects, be it involving sovereign wealth funds, pension houses, central banks or takaful.
'We are expecting some growth as projected for 2010... But it might not be that exponential compared to what we are expecting in 2011 onwards,' she told a media briefing on Tuesday, June 29.
However, she didn't provide specific figures on the expected growth rates for this year and 2011.
Noripah said CIMB-Principal Islamic needed 'quite some time''' to build an end-to-end Islamic platform for institutional global asset management, stressing that it needed to formulate a track record and branding foundation in particular for institutional investors.
She said it had close to 10 local and foreign institutional investors under its portfolio.
Noripah said value-added services such as solutions-driven consulting and strong fiduciary were expected in a demanding environment. She also said CIMB-Principal Islamic would play an active role as a global platform for Malaysia to capitalise on global expertise to attract international monies into the country.
CIMB-Principal Islamic is a joint venture between CIMB Group and Principal Global Investors.
Its chief executive Datuk Noripah Kamso said CIMB-Principal Islamic was in negotiations with several parties to raise funds for its asset management activities, targeting the Gulf Cooperation Council (GCC) countries among others.
Noripah said it would normally take between 18 and 24 months to establish a relationship, build trust and convince clients of their investment prospects, be it involving sovereign wealth funds, pension houses, central banks or takaful.
'We are expecting some growth as projected for 2010... But it might not be that exponential compared to what we are expecting in 2011 onwards,' she told a media briefing on Tuesday, June 29.
However, she didn't provide specific figures on the expected growth rates for this year and 2011.
Noripah said CIMB-Principal Islamic needed 'quite some time''' to build an end-to-end Islamic platform for institutional global asset management, stressing that it needed to formulate a track record and branding foundation in particular for institutional investors.
She said it had close to 10 local and foreign institutional investors under its portfolio.
Noripah said value-added services such as solutions-driven consulting and strong fiduciary were expected in a demanding environment. She also said CIMB-Principal Islamic would play an active role as a global platform for Malaysia to capitalise on global expertise to attract international monies into the country.
CIMB-Principal Islamic is a joint venture between CIMB Group and Principal Global Investors.
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