BMB Group
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The BMB Group Ltd is an investment and advisory services firm founded in 2004, which focuses on Eastern investors. The Company has interests in wealth management, Islamic finance, real estate, infrastructure, natural resources and philanthropy. Rayo Salahadin Withanage is the founder and Executive Chairman of the Group while Rahula Withanage is the CEO.[1][failed verification] The Group is run as a commercial multi-family office of Asian and Middle Eastern investors.[2] The BMB Group has offices in New York, London, Brunei, Kuala Lumpur and Beijing.[3]
Business segments
The BMB Wealth Management division was founded as an advisory services firm to manage several discretionary portfolios on behalf of existing clients.[4]
In 2008, The BMB Group acquired a 50% equity stake in the emerging markets private equity firm EMP Global LLC, based in Washington, D.C., which is run independently from the BMB Group.[5] Established in 1994 by Moeen Qureshi, former Prime Minister of Pakistan and Vice President of The World Bank, the firm launched a number of funds focused on China, Southeast Asia, Africa, Eastern Europe and the Middle East, including the Islamic Development Bank infrastructure fund, launched in 2002.[6]
BMB Islamic was formed in 2007 through the BMB Group's acquisition of the Islamic structuring and advisory team led by Dr. Humayon Dar. The team was formerly with the Deutsche Bank subsidiary Dar al Istithmar.[7] BMB Islamic has been responsible for a number of innovative developments in Islamic finance, including the launch of the a Sharia compliant NASDAQ index in 2010. [8]
In mid-2010, the firm announced the acquisition of Contrarian Capital Partners and the Alliance Capital Group.[9] The acquisition of Alliance Capital Group formed BMB-Alliance B.V. (under formation)[10] which presently manages assets of around US$4.5 billion in core-plus commercial real estate assets in Northern Europe. Assets include 7,000 residential units and 52 commercial office buildings in Benelux and Germany.[11]
Philanthropy
In 2009, BMB Islamic became the founding Shariah advisor for the International Zakat Organization [12], a global Zakat fund being developed by the Malaysian government and the Organisation of the Islamic Conference. As part of the development of this global fund, BMB Islamic has developed The World Zakat Foundation[13] to create a series of managed national funds that may contribute to the global fund.[12]
References
- ^ The BMB Group Website: Who We Are, Management, Executive Board
- ^ "BMB casts an eye along Asian horizon". Professional Wealth Management. July 17, 2010. Retrieved November 9, 2010.
- ^ "The BMB Group Confirms Its Offer to Acquire Kerzner International Holdings Limited". Financial Post Magazine. 2010-10-14.
- ^ "Euromoney 40th anniversary special: Focus on BMB Group". Euromoney. 2009.
{{cite web}}: Unknown parameter|month=ignored (help) - ^ "Emerging markets private equity investment firm EMP becomes part of BMB Group". AltAssets. 2008-12-03. Retrieved 2010-11-04.
- ^ Islamic Development Bank Infrastructure Fund
- ^ "BMB poach sharia team of Deutsche unit". Arabian Business. 2007-06-25.
- ^ NASDAQ OMX Introduces Two Sharia-Compliant Indexes
- ^ "BMB makes Contrarian acquisition". Property Week. 2010-06-10.
- ^ Likus, Anita (2010-06-23). "BMB Group Ties Up With Alliance Capital". Wall Street Journal. Retrieved 2010-11-04.
- ^ "Kerzner gets unsolicited $3.4 bln bid from BMB Group". Reuters. 2010-10-14.
- ^ a b "The BMB Group wins coveted mandate to manage Global Zakat and Charity Fund for OIC". AltAssets. 2009-03-01. Retrieved 2010-11-04.
- ^ The World Zakat Foundation