Emirates NBD Unit Ties Up With Man for Alternative Assets Fund - Bloomberg

Emirates NBD Asset Management Ltd., a unit of the United Arab Emirates’ biggest bank by assets, has tied up with London-based hedge fund manager Man Group Plc (EMG) to manage money of its Islamic alternative assets fund.

The Dubai-based fund manager 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 today. Man Group is the world’s biggest hedge fund manager.

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,” Vernooy said. The fund will seek annual returns of 3 percent to 5 percent over the London interbank offered rate, he said.

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