Emirates NBD Asset Management Ltd., owned by the United Arab Emirates’ second-biggest bank, said it tied up with Jupiter Asset Management to advise on four global funds as assets under management surge.
Jupiter’s London-based multi-manager team, which invests about $16 billion on behalf of clients, will provide advice on about 400 million dirhams ($109 million) spread across four of the bank’s funds, David Marshall, senior executive officer at Emirates NBD Asset Management, said at a news conference in Dubai today. Assets under management at Emirates NBD have surged 43 percent this year to 7.7 billion dirhams, he said.
Emirates NBD PJSC (EMIRATES)’s asset management unit will benefit from Jupiter’s global expertise, which should boost assets in the four funds to between 750 million dirhams and 1 billion dirhams over the next 12 to 18 months, Marshall said.
Stock markets in the U.A.E. have been among the best performing in the world this year, with Dubai’s benchmark share index having surged 84 percent and Abu Dhabi’s (ADSMI) 49 percent. Emirates NBD’s flagship equities product, the Middle East and North Africa Top Companies Fund, has appreciated 25 percent this year, according to a presentation today.
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