KMEFIC (Kuwait & Middle East Financial Investment
Company) is a Middle East headquartered provider of asset management, brokerage
and wealth management services.
KMEFIC had no experience in managing UCITS funds and no
knowledge of the ETF market, but saw an opportunity to fill a gap by providing
investors with a gateway to the rapidly expanding Kuwaiti economy through a
dedicated Kuwait Equity ETF.
KMEFIC had great depth of knowledge in the Kuwaiti
securities market, but little capability to translate their idea into ETF
format and so turned to HANetf for help.
HANetf initiated two workstreams to coordinate the product
launch. HANetf product management worked with benchmark provider FTSE Russell
on the index design and coordinated with HANetf’s ecosystem of service
providers and liquidity specialists to address the trading complexities of the
Kuwaiti stock market (closed on Fridays and open Sundays).
In parallel, a distribution and marketing workstream created
detailed, multi-jurisdiction, multi-lingual PR, communications, content, launch
events and digital marketing strategies.
Both workstreams were successfully executed in a largely
virtual and digital environment with only one face-to-face meeting between
HANetf and KMEFIC prior to launch.
On 15th April, 2019 KUW8, KMEFIC FTSE KuwaitEquity UCITS ETF was launched on London Stock Exchange. This important
milestone was the first time a middle eastern asset manager had sponsored a
UCITS ETF and KUW8 became the only focused Kuwaiti ETF in the world.
Listings on Borsa Italiana, CBOE and XETRA
followed shortly after and, on 10th May HANetf and KMEFIC were
joined by the Prime Ministers’ Trade Envoy to Kuwait, Baroness Morris of
Bolton, to open the market at London Stock Exchange.