Business | Banking

Attijariwafa bank and Invest AD plan joint Africa equities fund

Plan to launch a jointly managed asset management fund

  • Staff Report
  • Published: 16:09 November 15, 2012
  • Gulf News

Casablanca/Abu Dhabi : Morocco’s Attijariwafa bank and Abu Dhabi investment manager Invest AD plan to launch together a managed fund to invest in African listed equities as part of a Memorandum of Understanding signed on Tuesday in Casablanca. Attijariwafa bank and Invest AD will jointly seed the fund which will be co-managed by Wafa Gestion (Attijariwafa bank’s asset management arm) and Invest AD Asset Management. The fund will be managed from Invest AD’s new licensed office in the Casablanca Financial City in Morocco. Under the terms of the Memorandum of Understanding, Attijariwafa bank and Invest AD will also introduce to each other investment opportunities in the Middle East and Africa, notably through the DIFC subsidiary of Attijariwafa bank in the Middle East. Attijariwafa bank will also provide brokerage and corporate banking services to Invest AD in its key African markets.

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