Credit Suisse Group AG and Qatar Holding LLC, a unit of the Persian Gulf emirates sovereign- wealth fund, agreed to form asset manager Aventicum Capital Management to boost investments in emerging markets.
The joint venture, to be overseen by Credit Suisse Qatar head Aladdin Hangari, will operate out of two hubs including a Doha-based unit focusing on investments in the Middle East, Turkey and other frontier markets starting in early 2013, the bank said today in a statement. It will also operate an international business to be based in an unidentified location.
Hashem Montasser, formerly head of asset management at EFG- Hermes Holding SAE, was appointed chief executive officer and chief investment officer of the Doha unit. Martin Keller, Head of Asset Management EMEA for Credit Suisse, will serve as chairman of the board for the joint venture, the bank said.
Qatar and Credit Suisse are boosting ties after the nation took a 6 percent stake in the bank and bought its London headquarters. The country, which has the worlds third-largest gas reserves, is snapping up assets across the globe as it seeks to reduce its energy dependency and has $30 billion to invest this year, Qatar Investment Authority board member Hussain Al Abdulla said in April. QIA is a Qatari wealth fund.
Economic expansion and high oil prices are driving prosperity in the Middle East, boosting demand for wealth and asset management services. The Qatari economy is set to expand about 6 percent this year, the fastest pace in the Gulf Cooperation Council, according to a survey of 12 economists compiled by Bloomberg. That surpasses the expected average growth of 1.3 percent for the Group of 10 industrialized nations.
Private wealth in the Middle East and Africa may rise 6.6 percent annually to $6.1 trillion in 2016 as the regions oil- rich economies continue to prosper, the Boston Consulting Group said in June. Wealth in the region increased to $4.5 trillion last year, up 4.7 percent from $4.3 trillion in 2010.
Credit Suisse announced in November that it was planning to expand its product offerings in Qatar in 2012 by providing asset-management services to local and international investors, once it had secured regulatory approvals. The banks board of directors met in Qatar about a year ago, and the lender has also been shifting staff to Doha from Dubai, two people familiar with the matter said in September.
Qatar Financial Authority
The government-run Qatar Financial Center Authority, charged with expanding the countrys financial services industry, announced a strategy in 2010 to make Qatar a hub for asset management as well as reinsurance.
The joint ventures international business will start later next year, according to the statement. No further information on the unit was given.