Business | Investment

DIC appoints former Sony, BMW and GSK execs to fund advisory board

Dubai International Capital LLC (DIC) has announced the appointment of former Sony, BMW and GlaxoSmithKline chief executives to an advisory board of its $2 billion Global Strategic Equities Fund (GSEF).

  • Gulf News Report
  • Published: 15:09 November 29, 2007
  • Gulf News

Dubai: Dubai International Capital LLC (DIC) has announced the appointment of former Sony, BMW and GlaxoSmithKline chief executives to an advisory board of its $2 billion Global Strategic Equities Fund (GSEF).

Nobuyuki Idei, chairman of the Advisory Board and former Group CEO, Sony Corporation and founder and CEO of Quantum Leaps Corporation, Helmut Panke, former CEO and chairman of the Management Board of BMW joined the GSEF's board with immediate effect, while Jean-Pierre Garnier CEO of (until end of May 2008), GlaxoSmithKline would join in 2008.

The board will be chaired by DIC's executive chairman and chief executive officer, Sameer Al Ansari.

He said: "These are three very substantial appointments for GSEF which reflect the global ambitions of the fund. All three have unrivalled experience in running blue-chip, worldwide businesses, and their industry expertise and international outlook will provide the fund with valuable insights. These appointments come at an exciting time for the GSEF, which has made substantial investments this year in Sony, EADS, and HSBC, and has further large investments planned. I look forward to working with them in developing and diversifying the investment portfolio.''

GSEF recently made a substantial investment in Sony Corporation (Sony), one of the world's premier consumer electronics and entertainment companies. In July, GSEF acquired 3.12 per cent of the European aerospace and defence company EADS N.V., making GSEF one of its largest institutional shareholders.

In May, it made a substantial investment in HSBC Holdings plc, becoming one of the leading shareholders in the global financial services firm.

All three investments are part of GSEF's mandate to invest in global Fortune 500 companies following the closing of its first round of fundraising efforts at $1 billion in February 2007. The fund seeks to become a leading shareholder in pre-eminent global large capitalisation stocks, whilst aiming to create value through long-term exposure to a concentrated portfolio of undervalued companies.

GSEF is promoted by DIC Asset Management (DICAM), the asset management subsidiary of DIC. Its wholly-owned subsidiary, NewDawn GSE Asset Management Limited, is the General Partner for GSEF.

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