Arig inks deal with Canada's CDP Capital

Bahrain-based Arab Insurance Group (Arig) and Canada-based CDP Capital signed a memorandum of understanding yesterday to set up a joint venture that will offer asset management services to savings institutions and pension funds around the region.

The venture, expected to go operational in January, will form the backbone of Arig's savings and private pension products for national and regional customers.

The new company, with an initial capital of $10 million, will be equally owned by Arig and CDP.

Udo Krueger, Arig CEO, noted, "The expertise, competence and experience brought by CDP Capital will blend perfectly with Arig's knowledge of the Arab markets in bringing solutions to its customers."

CDP is one of the largest portfolio managers in the Americas and has been voted Canada's best fund management group in the 2000 Reuters Survey, said Michel Nadeau, president of the Canadian firm.