BlackRock will create a private markets investment platform with Emirates NBD to bring alternatives strategies to the banking group’s wealth clients in the Middle East.
The new platform will be based on BlackRock products, with Emirates NBD Asset Management as the manager, a joint statement said. The two entities signed a memorandum of understanding for the creation of the platform.
Emirates NBD Asset Management and BlackRock’s platform will offer private markets strategies — traditionally available only to institutional investors in the region — to wealth investors, initially launching evergreen funds that target growth and income strategies. These funds will be launched on an exclusive basis for United Arab Emirates wealth clients at first, the statement said. BlackRock will also support Emirates NBD Asset Management’s plans to expand its private markets offering by providing marketing, education, training and technology.
The long-term goal is to offer access to alternatives to Emirates NBD’s clients across the Middle East.
“Innovation is a cornerstone at Emirates NBD, and we are pleased to partner with BlackRock to offer access to best-in-class products in alternative markets through a dedicated platform while supporting the growing needs of investors in the region,” said Marwan Hadi, group head of retail banking and wealth management at Emirates NBD, in the statement. “We are deeply committed to creating value through our offerings and advancing the investment landscape in the UAE and the wider region, which has been experiencing a strong appetite in the last few years.”
Rachel Lord, senior managing director and head of international at BlackRock, said in the same statement that “the combination of Emirates NBD’s distribution capabilities and reach across the region, combined with BlackRock’s expertise and global leadership in private markets, will be a compelling proposition for Middle Eastern investors.”
BlackRock’s alternative investments platform exceeds $450 billion in assets under management. The money manager has a total $11.5 trillion in AUM. Emirates NBD is a banking group in the Middle East, North Africa and Turkey region.
