Abu Dhabi-based investment company Al Hail Holding has completed the acquisition of wealth and asset management firm Allied Investment Partners (AIP).
With the acquisition, AIP is now a “fully local” financial services company, according to Hamad Jassim Al Darwish, chairman of AIP. The company is currently developing new products targeting investors in the region.
Al Hail Holding, whose portfolio spans across various sectors, including financial services, healthcare, education, infrastructure, retail and real estate, did not disclose the value of the acquisition.
Established in 2007, the acquired company is licensed by the Securities and Commodities Authority in the UAE to provide asset management, alternative investments, wealth management, corporate finance and investment banking advisory services.
“We are excited about this acquisition and the new board of directors which consists of reputable and experienced directors, which will also provide direction and guidance towards achieving AIP’s vision,” said Iyad Abu Hweij, managing director of AIP.
“We are in the final stages of the development of a new set of products which will be launched during this quarter. These products will enable AIP to further address market demand for safe, liquid, and unique investments across different asset classes,” he added.
The funds that will be launched invest in fixed income, private capital, venture capital, trade finance and infrastructure.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021