Dubai: Shuaa Capital said on Tuesday that one of its offshore units finalised a deal to manage an investment portfolio of assets worth $400 million.
The deal will increase assets under management of Shuaa and its units to $13.4 billion, the Dubai-based investment bank said.
Shuaa added that the deal is expected to generate various fees, including annual management fees and potential performance fees, but didn’t provide further details of the portfolio.
The financial services provider recently completed a merger with Abu Dhabi Financial Group, disclosing in November that it had returned to profit following the merger, which was completed in August. Net income for the quarter ended September was helped by Dh31.2 million contribution from ADFG.
For Shuaa Capital, asset management and investment banking contributed almost all of the revenue it recorded in the third quarter of 2019. UAE-based Al Ramz Corporation Investment & Development last week said it acquired the non-core market-making business of Shuaa.