Global Investment House, a Kuwait-based asset management and investment banking firm that is merging with Kamco Investment Company, reported a 7 per cent profit rise for the first three months of 2019, due to an increase in revenues from various lines of its business. "Global has remained on a consistent path of profitability driven by effective implementation of its fee business driven strategy,<strong> </strong>even during a challenging macroeconomic environment and while undergoing significant internal tasks as part of the merger process," said Sulaiman Mohammed Al Rubaie, acting chief executive. Net profit for the first quarter of the year stood at 1.7 million Kuwaiti dinars (Dh20.5m), up from 1.6m dinars in the corresponding period of 2018, the company said in a statement. Total revenues rose 17.7 per cent year-on-year to 4.6m dinars, with fee-based businesses – including asset management, investment banking and brokerage – generating revenues of 3.7m dinars, up 18.3 per cent compared to the first quarter of 2018. Fee and commission income stood at 3.5m dinars, representing 76.6 per cent of total revenues. Meanwhile, Global’s asset management business contributed 3.3m dinars to total revenues, and assets under management stood at 867m dinars as of the end of March. The division reported “competitive performance” for its managed funds and portfolios, with several funds outperforming their respective benchmarks and peers. The brokerage business generated revenues of 400,000 dinars, 46 per cent up on last year due to it gaining market share on the execution of the institutional brokerage business strategy and new business generated from Kamco, Global said. The company is in the process of merging with Kuwait-based Kamco Investment, which won regulatory approval last September to acquire a 69.5 per cent stake in Global from Bahrain’s NCH Ventures through a share swap deal. Kamco’s board approved the purchase in January. The two companies are “striving to conclude the merger, to create one of the largest, strongest, and a more efficient player in the regional investment services sector namely asset management, investment banking and brokerage”, Global said. “We look forward to successfully conclude the merger and focus our efforts on growing the business and further enhancing our offerings to clients,” Mr Al Rubaie added.