DUBAI, March 27 Dubai-based investment bank
Arqaam Capital is launching a globally focused hedge fund, it
said on Monday, becoming one of only a handful of local firms to
offer such a product.
Although Dubai has been growing rapidly as a banking centre,
the local fund management industry has largely confined itself
to traditional equity and fixed income funds which focus on the
Middle East region.
Areski Iberrakene, who will manage the new Cayman
Islands-domiciled, British-regulated fund from London, said
Arqaam was growing and wanted to diversify beyond the region.
The fund has the capacity to grow gradually to around $2
billion in size, with initial clients including funds of funds,
rich individuals and offices managing money for wealthy
families, Iberrakene said. Pension and sovereign wealth funds
may join later.
Iberrakene previously founded his own firm, Areski Capital,
which merged with Arqaam; former Areski employees will operate
the new fund. He was global co-head of equity and credit
derivatives at Dresdner Kleinwort before that investment bank
was taken over in 2009.
(Reporting by Andrew Torchia; Editing by Ruth Pitchford)