GLOBAL: Marking their
first year of partnership, Emirates NBD Asset Management (Emirates NBD
AM) and UK’s Jupiter Asset Management have expanded the scope of their
alliance, which was previously confined to the conventional spectrum, to
include a Shariah compliant component. As a result of this enhanced
partnership, Jupiter is now delegate investment advisor for the AED70
million (US$19.06 million) Emirates Emerging Market Equity Fund, an
open-ended Islamic fund registered in Jersey.
This addition elevates Jupiter’s total assets under management (AUM) for
Emirates NBD AM to AED570 million (US$155.17 million), a 50% growth in
AUM over the last 12 months, and builds the current AUM by its emerging
markets team which presently stands at US$1.02 billion. Other Emirates
NBD AM funds being managed by the UK firm include Emirates Active Managed
Fund, Emirates Balanced Managed Fund and Emirates Global Quarterly Income
Fund. Designated as a high-risk product, the Emirates Emerging Market
Equity Fund invests in Shariah compliant equities listed in or operating
in emerging markets with the aim of achieving long-term capital
appreciation over a complete economic cycle.
"Emirates NBD AM's relationship with Jupiter has enhanced our value
proposition to clients, enabling us to leverage on Jupiter's global
expertise to match our in-house research-centered approach to fund management,”
noted David Marshal, Emirates NBD AM’s senior executive officer. “The
tie-up also provides us access to new markets, in line with our growth
strategy. 2014 has been a year of robust growth, and we anticipate our
renewed partnership with Jupiter to further reinforce our current
leadership position in the region.”
Apart from providing diversification to Emirates NBD AM’s international
offering outside of the MENA markets, this partnership is also
instrumental in Jupiter’s expansion plans as confirmed by Kevin Scott,
the firm’s head of EMEA. “To have been awarded a global emerging markets
mandate in addition to the multi-asset range we manage on Emirates NBD
AM's behalf, is a significant opportunity for us to further deepen this
tie-up. From a strategic perspective, this is a very important part of
the world to develop Jupiter's profile as there is such great potential
in the Middle East,” said Scott.
As at the 30th June 2014, Jupiter had US$52.9 billion in
assets, making it the seventh-largest asset manager of UK retail mutual
funds; while Emirates NBD, the parent company of Emirates NBD AM, had
total assets worth AED353.9 billion (US$96.34 billion) as at the 30th
September 2014.
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