Dubai-listed Shuaa Capital announced that one of its offshore subsidiaries has reached an agreement to manage an investment portfolio of assets of around $400 million.

The transaction increases the assets under management of Shuaa Capital and its subsidiaries to $13.4 billion, the firm said in a statement on Dubai Financial Market (DFM).

The deal will also generate several fees to Shuaa Capital including annual management fees and other potential performance fees, it added.

Shuaa last year completed a merger with Abu Dhabi Financial Group (ADFG) creating an entity with $12.8 billion of assets under management at the time.

(Writing by Nada Al Rifai , editing by Seban Scaria)

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