Shuaa Capital unit seals deal to manage $400 million of assets

The accord boosts the Dubai-listed financial group's assets under management to $13.4 billion

A subsidiary of Dubai listed Shuaa Capital will be managing an investment portfolio of assets worth $400 million. Jaime Puebla/The National

A subsidiary of Dubai listed Shuaa Capital sealed a deal to manage an investment portfolio of assets worth $400 million (Dh1.4 billion).

One of Shuaa’s offshore subsidiaries has finalised an agreement, according to the company on Tuesday.

The latest deal is set to increase the assets under management of Shuaa and its subsidiaries to $13.4bn. The transaction is expected to generate various fees including annual management charges and other potential performance payments to the company.

Shuaa Capital merged with Abu Dhabi Financial Group last year, which  created an enlarged business with both an asset management and investment banking platform, with diversified revenue streams across seven countries including the UAE, Saudi Arabia and the UK.

“With the strong platform now in place across asset management and investment banking, we are excited about the group’s future prospects and realizing the significant opportunities for growth available to us by operating across the combined platform,” Jassim Alseddiqi, group chief executive of Shuaa Capital, said last year.