Kenanga Investment Bank Berhad has made an announcement of acquiring i-VCAP Management Sdn Bhd, a Shariah-compliant investment management service provider, in order to look for new investment solutions.
In a statement, Kenanga IB Group managing Director Datuk Chay Wai Leong remarked that the acquisition of i-VCAP will assist in building the group better and create more diversified portfolios across the group.
The acquisition is made by the Kenanga Investors Bhd along with the approval made by the Securities service provider focused on Islamic-exchange-traded funds or EFTs.
There are constant efforts to deliver new investment solutions for clients, added Datuk Chay Wai Leong. The EFTs market has growing potential in asset management and several long-term macro trends and increasing use of passive vehicles and digitization will further enhance the growing demand of ETF products.
He added that the acquisition will expand Kenanga IB Group’s ability to build more diverse portfolios and enhance the current range of solutions, which will add a competitive edge in addressing client needs and accelerate business growth.
The i-VCAP acquisition marks a year of Kenanga Group’s first foray into the ETF market. In the recent months, the group has participated in synergistic businesses and joint ventures and showed resilience and strong financial independence in 2020.
