Emirates NBD seeks asset management acquisition targets
"There are big plans for our asset management business, we really want to grow that over the next five years," Medcraft said in an interview on the sidelines of an Islamic banking conference in Singapore.
June 9, 2011 8:53 by p.deleon
Dubai’s top bank Emirates NBD is looking for acquisition opportunities to grow its asset management business, a company official said on Thursday.
It is in talks with several small conventional and Islamic asset management companies in Europe, India, Singapore and Hong Kong, Guy Medcraft, its Asia-Pacific director for asset management said. He declined to name the companies.
“There are big plans for our asset management business, we really want to grow that over the next five years,” Medcraft said in an interview on the sidelines of an Islamic banking conference in Singapore.
“We’re very open that we’re looking for potential acquisitions as well. If there are things that fit our existing model that could add to our capabilities, then we’re very keen to look at those opportunities.”
Emirates NBD Asset Management manages just over $1.2 billion, most of which were raised in the Middle East and invested in that region.
Middle Eastern investors are increasingly looking towards Asia, with particular interest in China, Medcraft said.
“During the unrest, a lot of our high net worth clients who are heavily invested in the Middle East are looking for ideas outside the market,” he said. “Everyone knows the Asian story, this is where the growth is going to come from.”
for more Islamic finance stories and for a speed guide) (Reporting by Liau Y-Sing; Editing by Lincoln Feast)