TNI to move its funds offshore

Abu Dhabi: The National Investor (TNI), an Abu Dhabi-based private joint stock company, is moving its funds offshore as the company is looking for a better regulatory framework, a senior company executive said yesterday at a briefing here.

Senior Vice-President of Asset Management Walid Al Hayeck told reporters: "It's being done. The institutional investors are uncomfortable with the regulatory framework in the UAE because it's not developed."

He said shareholder equity in TNI is worth Dh1.13 billion, comprising some 120 shareholders.

As a regional firm, TNI operates from Abu Dhabi and Dubai in the UAE and Riyadh in Saudi Arabia.

The firm provides a wide range of investment, advisory and fund management services to a substantial client base that includes listed and unlisted companies, financial and government institutions and high net worth individuals.

The company derives its revenues from fees for advisory services, asset management services, private equity fund management services, returns on the firm's principal investments and returns from proprietary trading.