Emirates NBD Asset Management hired hedge fund manager Man Group to manage money of its Islamic alternative assets fund.
Emirates NBD, a unit of the United Arab Emirates' biggest bank by assets, will allocate assets of its Emirates Islamic Alternative Strategies Fund, set up in 2007, to the Man GLG Multi-Strategy Fund, Deon Vernooy, Emirates NBD Asset Management's senior executive officer, said at a news conference in Dubai.
The Emirates Islamic Alternative Strategies Fund manages $20.9 million, and “if we don't raise $50 million to $100 million in a year we would be disappointed,” Mr. Vernooy said. The fund will seek annual returns of 3% to 5% over the London interbank offered rate, he said.
Emirates NBD Asset Management, a unit of Emirates NBD PJSC, manages about 4.5 billion dirhams ($1.23 billion) across 14 funds.