Qatar Asset Management Co. — a joint venture between Qatar Investment Authority, the nation's sovereign wealth fund, and the Qatar Financial Center Authority — will provide about $250 million in capital to Barclays Natural Resource Investments in exchange for helping develop the nation's asset management capabilities, sources said.
The agreement is the first in what is expected to become a series of collaborations between fund managers and the SWF-backed asset management company in an effort to expand Qatar's financial sector, said Shashank Srivastava, managing director and board member of the QFC Authority — a government organization set up in 2005 to help expand the nation's financial sector. The Qatar Investment Authority, Doha, has about $100 billion in assets under management, according to the Sovereign Wealth Fund Institute.
“We will be partnering with more asset managers across global, regional and local funds, and in various asset classes,” Mr. Srivastava said in a telephone interview.
Under the agreement announced Monday, the bulk of the $250 million will be invested in an existing $2.1 billion portfolio of natural resources investments in oil, gas and mining globally managed by BNRI, Barclay's private equity division. As part of the deal, BNRI will open an office within the Qatar Financial Centre, staffed by senior members including Mark Brown, managing director and head of BNRI.
“It's strategically imperative that assets are being managed from Qatar,” Mr. Srivastava added.