RIYADH, (Reuters) – Scottish Widows Investment Partnership (SWIP) has joined a Saudi partner to open a subsidiary in the world’s largest oil exporter, the joint venture said on Wednesday.
SWIP is the fund management arm of British banking group Lloyds TSB.
SWIP Saudi Asset Management (SWIP SAM), a joint venture between SWIP and local Manar Financial Investment Co, will focus mainly on investment in the insurance sector, SWIP SAM said in a statement.
It also expects to manage investment in the real estate and shariah-compliant global emerging market equities.
“The time is right for SWIP SAM to build a significant presence in this rapidly growing market and in the other markets of the Gulf Cooperation Council (GCC),” said Peter Dorward, SWIP SAM’s Chief Executive.
“Our approach will be targeted, providing tailored investment solutions for specific clients,” he added.