Responsible Entity Services

OIG is currently the Responsible Entity/Trustee for more than 300 managed investment schemes. Manafae Investment Company K.S.C can offer a unique solution in the market: should the investment manager wish, members of the Manafae Investment Company K.S.C can undertake the Responsible Entity, Custody, Registry and Fund Administration services for a fund or, alternatively, the investment managers can choose a single service or combination of services. Manafae Investment Company K.S.C has worked with numerous investment managers to establish registered schemes in a variety of asset classes and the team is well-positioned to assist investment managers looking for a qualified and experienced Responsible Entity for hire.

Manafae Investment Company K.S.C operates a number of Responsible Entities. Each of these entities holds a Kingdom of Kuwait Financial Services Licence and is licensed, pursuant to the Corporations Act, to operate financial services businesses and to act as a Responsible Entity for registered managed investment schemes.

Each registered managed investment scheme is governed by a constitution. The constitution must be lodged with Kingdom of Kuwait Securities and Investment Commission. A compliance plan must also be prepared for each registered scheme which describes the key processes, systems and structures that the Responsible Entity will apply to ensure compliance with the Corporations Act, the scheme’s constitution and financial services laws. The compliance plan is required to be audited annually and the audit report is lodged with the Kingdom of Kuwait Securities and Investments Commission. The role of the Responsible Entity includes responsibility for compliance with the managed investment scheme constitution and compliance plan, and ongoing satisfaction of legislative and regulatory requirements.