Italian asset manager Azimut Group has partnered with Dubai-based banking firm Al Mal Capital PSC (AMC) for the launch of a MENA equity fund.
The AZ Fund Al Mal MENA Equity fund will be established by AZ Fund Management (the Luxembourg-based asset management branch of Azimut), and it will count on AMC’s advisory team- comprising more than 100 professionals globally.
The agreement entails the establishment of a joint investment committee between Dubai and Luxembourg as well as joint marketing initiatives aiming at catering the demand from the respective commercial franchises. It will also offer investors access to Azimut existing range of investment vehicles through AMC’s wealth management platform.
Al Mal Capital CEO, Naser Nabulsi said: “Azimut, with more than $50bn in AuM, is one of the largest and fastest growing asset manager in Europe and we are very pleased to have them as a partner. Thanks to Azimut Ucits umbrella platform and their global distribution footprint, Al Mal highly successful MENA equity strategy will now be accessible to institutional and private investors around the world.”
Azimut Holding CEO Sergio Albarelli added: “The strategic partnership with Al Mal Capital is a key step forward in our strategy across the MENA region which also aims to leverage our presence in the Dubai International Financial Center (DIFC) through AZ New Horizon, our local integrated financial advisory platform. The new fund will complement our regional expertise centered on AZ Fund Global Sukuk, which is today one of the largest Shariah compliant Ucits funds investing in the asset class.”
AMC is the subsidiary of Dubai Investments PJSC which manages some $250m (€212.59m) in assets.