Bahrain-based Islamic lender Gulf Finance House GFHB.BH (GFH) wants between 30 to 40 percent of its revenues to come from its investment management division, the chief executive of the unit said.
The lender is trying to diversify its revenue stream by expanding its asset management and entering investment banking advisory services through a joint venture under discussion with Australia's Macquarie Group (MQG.AX: Quote, Profile, Research, Stock Buzz).
"Transactional income is great, but it's lumpy and it depends on activities and deals in that particular financial year, so what we want to do is build an annuity base so we got a more certain income structure," Ted Pretty told the Reuters Middle East Investment Summit in Manama.
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