Bear Stearns is to launch an asset management joint venture in Saudi Arabia with a consortium of Saudi business leaders. Bear Stearns Arabia Asset Management will be a Saudi-registered asset management company, with headquarters in Riyadh, serving institutions and high net worth individuals in Saudi Arabia. The company will develop and distribute Shariah-compliant as well as traditional investment products and will offer equity and fixed income, hedge fund and private equity fund products. Bear Stearns will take a 50 per cent stake in BSAAM. Prince Mishaal A.T. Al-Saud will be the chairman of BSAAM and both Michel Péretié, chief executive of Bear Stearns International, and Christian Yates, head of International for Bear Stearns Asset Management, will be on the board of directors.