|02 September, 2019

Qatar-based Aventicum Capital acquires new funds from Amwal

As part of the deal, ACMQ also took ownership of a Doha Bank-sponsored exchange traded fund

Image used for illustrative purpose. Cropped shot of two colleagues using a digital tablet together during a collaboration at work.

Image used for illustrative purpose. Cropped shot of two colleagues using a digital tablet together during a collaboration at work.

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DOHA  - Aventicum Capital Management Qatar (ACMQ), part of a joint venture between Credit Suisse and the Qatar Investment Authority, said on Monday it had acquired "selected funds and mandates" from Qatari asset manager Amwal LLC.

The company did not disclose the value of the deal but said in a statement it would "take responsibility for a broad range of Amwal's managed investment funds in equities and fixed income across active and passive strategies in both conventional and Sharia-compliant products."

As part of the deal, ACMQ also took ownership of a Doha Bank-sponsored exchange traded fund, the QE index ETF, according to a disclosure made to the Qatar stock exchange on Sunday.

ACMQ, which has about $1.6 billion in assets under management, did not specify what other funds it would acquire in its deal with Amwal.

"These products will be available to local, regional and international investors and facilitate the expansion of ACMQ's client footprint," it said.

Gas-rich Qatar has tried to position itself as a hub for asset management and financial services through its Qatar Financial Center in a bid to compete with regional rival Dubai.

(Reporting by Eric Knecht; editing by Jason Neely) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))

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