Bear Goes to Saudi Arabia

Bear Stearns has formed an asset management company in Saudi Arabia, in partnership with a consortium of Saudi business leaders. The Riyadh-based joint venture is called Bear Stearns Arabia Asset Management, and will develop and distribute Sharia-compliant and other investment products to institutions and high-net-worth individuals in Saudi Arabia. It also will leverage Bear Stearns Asset Management's existing platform, offering traditional equity and fixed income, hedge fund and private equity fund products.