Brac is “the best way to play the Bangladesh growth story,” said a noted American hedge fund manager Monday.
Rashmi Kwatra, founder of Sixteenth Street Capital, has picked Bangladesh’s Brac Bank during a session titled “Next Wave Sohn” at the Sohn Investment Conference on Monday in New York.
While commenting on Brac’s bKash service, she said: “It [Brac] is the leader in mobile payments.”
According to Investopedia, the Sohn Investment Conference, now in its 23rd year, is arguably the most respected and influential hedge fund gathering in the world. The conference kicked off Monday with hedge fund managers' picks moving markets.
Sohn is the most widely anticipated hedge fund event of the year, where managers volunteer their time and best investment ideas to raise money in the fight against childhood cancer, writes CNBC.
In an interview on CNBC, Rashmi Kwatra said: “Bangladesh's economy has grown 6% annually over the last 10 years with 73% of its 163 million population under age 40.”
She also said only 31% of the country has a bank account, “providing a big penetration growth opportunity for Brac Bank.”
Rashmi Kwatra was recently named one of 50 leading women in hedge funds globally by the Hedge Fund Journal.