KIC's european fund posts profit of 8.96 % in 1Q

Kuwait Investment Company (KIC) announced Saturday that the European shares fund, which the company is managing, had posted an increase in profits by 8.96 percent in first quarter of 2013. Assistant Manager at Kuwait Investment Company (KIC) Abdullah Abdulhadi told the press that the European shares fund posted higher profits than Morgan Stanley's European shares index which posted profits of 5.86 percent within the same period. Since its establishment, the fund has achieved 64.6 percent in profits on an annual basis within the same period, also higher from the Morgan Stanley's index which was at 13.3 percent, Abdulhadi indicated. Abdulhadi stressed that the profits for the European shares fund were made due to positive economic situation in Europe and KIC's relentless efforts in using the right economic tools to achieve profit. The official added that the fund's capital was at 15 million euros. KIC is managing several local and international funds. The company is managing funds in North America and Europe and succeeded in generating profits in the first quarter of this year.