A mutual funds “supermarket” has been launched in the Kingdom for clients to conveniently access multiple mutual funds from multiple providers through a single account. Launched on Monday by Derayah which recently obtained a licence from the Capital Markets Authority (CMA), the “supermarket” requires no minimum investment or fees for clients to open an account. It is the first such client service in the Kingdom. Derayah's website is an “effective tool that empowers individual investors with access to the widest variety of investment products, along with transparent and independent information to make the right selection,” said Mohammad A. Al-Kuwaiz, Managing Director of Derayah. Derayah does not manage any mutual funds of its own, unlike banks and investment companies that only offer the funds they manage themselves – which reduces the choices available to investors. __
