QInvest, Qatar's leading investment group and one of the world’s most prominent Islamic financial institutions, has acquired Ergo Portfoy, one of the largest and fastest growing asset management companies in Turkey.

Following the completion of this acquisition, QInvest Asset Management will have assets under management close to $ 1 billion.

Following the completion of this 100 per cent acquisition, Ergo Portfoy has been rebranded as QInvest Portfoy and is a subsidiary of Qatar’s QInvest. The senior management of QInvest Portfoy will remain with the firm and will be led by Murat Vanli, the general manager of Ergo Portfoy, and will continue to operate from Istanbul.

The company has been granted its license to operate by The Capital Markets Board of Turkey (CMB) and is licenced to offer portfolio management to both individual and institutional investors.

QInvest Portfoy is expected to play a major role in attracting new investments into Turkey, delivering high value services to a larger client base. It will also benefit from the world-class capability that QInvest currently provides.

QInvest’s chief executive officer Tamim Hamad Al-Kawari, said: “The acquisition of Ergo Portfoy and the launch of QInvest Portfoy marks a very significant moment for QInvest. It is in line with our long-term strategy of developing our Asset Management division, as one of the three key business lines within QInvest, and it is an important milestone in our mission to maintain our position as a leading global Islamic Investment institution.”

Dr Ataf Ahmed, managing director and head of Asset Management, said: “The launch of QInvest Portfoy will accelerate our current growth strategy and position QInvest Asset Management as one of the leading global Islamic asset management groups. Within just three years QInvest Asset Management has grown its assets under management to just under $ 1 billion and this expanded capability positions us even more strongly for future growth.”

The launch of QInvest Portfoy will increase QInvest’s commitment to the fast growing Turkish market and follows on from the establishment of QInvest’s representative office in Turkey in 2011. Since 2011, QInvest LLC has been active in the Turkish market mainly focusing on external financing transactions.

Al-Kawari, added: “We think that Turkey offers compelling investment opportunities and we have been building our brand and expertise in this market for some years. The acquisition of Ergo Portfoy, and launch of “QInvest Portfoy” widens and deepens the expertise which we can bring to the Turkish market and will also allow us to facilitate an increased flow of business between Turkey, the Gulf Cooperation Council (GCC) countries,  and global markets.”

Dr Ahmed, added: “We believe that Turkey is and will continue to be an important hub in the Islamic Financial services market. We have set our sights to be one of the major players in every sector we are active in. The acquisition of Ergo Portfoy will be a milestone for us in Turkey and shows our continuing support to the market and industry.”

“We have been very impressed by the team under the leadership of Mr. Vanli, and their record as the leading asset manager for pension funds. We are looking forward to working closely with the existing team on the ground and increasing the scope of our services in Turkey.”

Murat Vanlı, general manager of QInvest Portfoy, said: “The combination of these two businesses will allow us to make the most of the support and additional resources that QInvest can provide. Our existing clients will continue to be serviced by the same team, but will now also benefit from the greater access that the combined business will provide. We are very pleased to be joining the QInvest group and to be contributing to its future growth and success.” – TradeArabia News Service