Image: Simon Zenger / Shutterstock.com
C. Suisse in new venture with Qatar
Dubai, November 6, 2012
Credit Suisse Group has set up an asset management venture with key shareholder and sovereign wealth fund arm Qatar Holding, the Swiss banking group said on Tuesday.
The new venture, named Aventicum Capital Management, will focus on investments in the fast-growing emerging and frontier markets of the Middle East and Turkey as well as operate an international business, Credit Suisse said in a statement.
The business will be run by Aladdin Hangari, the bank's Qatar chief executive, with Martin Keller, Credit Suisse's head of asset management for Europe, Middle East and Africa (EMEA) chairing the board of directors, Credit Suisse said.
Hashem Monatasser, previously the asset management head of EFG Hermes, will be the chief executive and chief investment officer of the Doha-based business.
Gas-rich Qatar is aiming to create an asset management hub in the region and is providing a platform for financial services and asset management firms through Qatar Financial Centre, positioned as its answer to glitzier Dubai's financial centre.
Earlier in April, Qatar signed a deal to co-invest $250 million with Barclays' natural resources private equity investment unit.
Qatar Holding, the investment arm of sovereign fund Qatar Investment Authority, is among the top shareholders in Credit Suisse along with Saudi Arabia's Olayan Group. - Reuters
More Finance & Capital Market Stories
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge
- New Bahrain drive to aid young entrepreneurs
- Arabtec $650m rights issue to open on June 9
- LIC Bahrain sees 23pc premium growth in 2012
- Gold slips after Bernanke comments
- Xpress Money offers free life insurance
- BMI Bank-Al Salam boards back merger
- Islamic Development Bank triples capital