Man Group, ENBD in Shariah fund tie-up

Emirates NBD's asset management arm and Man Group have announced a tie-up which will see the hedge fund firm manage one of the lender's Shariah-compliant funds, the companies said on Tuesday.

Man Investments will take over the management of the Emirates Islamic Alternative Strategies Fund, with the assets allocated to the Man GLG Multi-Strategy Fund, as Emirates NBD Asset Management looks to grow the product.

"If we don't raise $50-$100 million in a year's time, I will be disappointed," Deon Vernooy, senior executive officer of Emirates NBD Asset Management, told reporters at a press conference.

The Emirates Islamic Alternative Strategies Fund is currently worth $20 million, Vernooy said.