Mubasher: Global Investment House (Global) on Sunday said that it has signed an agreement with a regional group for managing a $90 million portfolio through its Special Situations Asset Management team.
The regional Asset Management and Investment Banking firm is mandated to manage the diversified portfolio for “for wind-down”, in addition to promoting value enhancement initiatives, according to Global’s statement which did not name the group.
By this agreement, the total value of Global’s wind-down mandates stands around $830 million since launching asset management service five years ago.
“The mandate marks the team`s continued efforts to grow this specialized line of the asset management business and is a recognition to our achievements and track record that we have built over the past years,” Abdul Hamid Mihrez, Executive Vice President, Special Situations Asset Management, said.
Changes taking place in market fundamentals play an important role in reshaping balance sheet structures for companies, especially in prolonged conditions, the Kuwait-based firm said.
This propelled the firms to reconsider business models and boost efforts to revamp operations to suit market conditions, Global added.
“Debt to asset swap solutions are on the rise as financing companies continue to offer alternative settlement options to defaulting clients,” according to the statement.
