Aventicum Capital Management will focus on emerging markets in Middle East and Turkey
Credit Suisse Group has set up an asset management venture with key shareholder and sovereign wealth fund arm Qatar Holding, the Swiss banking group said on Tuesday.
The new venture, named Aventicum Capital Management, will focus on investments in the fast-growing emerging and frontier markets of the Middle East and Turkey as well as operate an international business, Credit Suisse said in a statement.
The business will be run by Aladdin Hangari, the bank's Qatar CEO, with Martin Keller, Credit Suisse's head of asset management for Europe, Middle East and Africa (EMEA) chairing the board of directors, Credit Suisse said.
Hashem Monatasser, previously the asset management head of EFG Hermes, will be the chief executive and chief investment officer of the Doha-based business.
Gas-rich Qatar is aiming to create an asset management hub in the region and is providing a platform for financial services and asset management firms through Qatar Financial Centre, positioned as its answer to glitzier Dubai's financial centre.
Earlier in April, Qatar signed a deal to co-invest US$250m with Barclays' natural resources private equity investment unit.
Qatar Holding, the investment arm of sovereign fund Qatar Investment Authority, is among the top shareholders in Credit Suisse along with Saudi Arabia's Olayan Group.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.