Emirates NBD AM assets double in 2 years

Dubai-based Emirates NBD Asset Management (Emirates NBD AM) said assets under management (AuM) have doubled in nearly two years to Dh10.2 billion as of September 30, 2014.

The UAE has been witnessing a surge in foreign fund inflows following the upgrade of the UAE into emerging markets category by the MSCI Index. Foreign money started pouring into the emirate over the last couple years on the expectation of the MSCI upgrade.

Local funds have also been tying up with international names to expand their product offerings. Emirates NBD Asset Management signed a deal with Jupiter Asset Management in December 2013.

Emirates NBD Asset Management said it recently strengthened its fund range with the introduction of eight new funds under the Emirates NBD SICAV platform targeting investors outside the UAE as well as locally. These new funds complement the existing product range based in both Luxembourg and Jersey.

“Crossing Dh10 billion AuM is a significant milestone for Emirates NBD Asset Management,” said David Marshall, Senior Executive Officer, Emirates NBD Asset Management. Emirates NBD AM currently has a 50-50 split between public funds and tailor-made portfolios.

Thanks to the MSCI upgrade, the UAE has also seen foreign asset management companies opening offices in the emirate.

Nomura Asset Management, one of Asia’s biggest managers, opened its first Middle East office in Dubai earlier this year with five staff. Nomura’s business in the region has doubled in the last five years.

Lazard Asset Management poached the local ING Investments team of six in February to cover Mena from a new Dubai base, adding to its operations in Bahrain. The US firm has $176 billion in global assets under management.

AuM in the Middle East and Africa are expected to increase by 2.5 times in the 2012-2020 period to $1.5 trillion, according to consultancy PwC. Middle East and Africa accounted for just 0.94 per cent of the $64 trillion of global AUM at the end of 2012.

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