CANADA / MIDDLE EAST - CDP Capital, the fund management arm of the giant Caisse de dépôt et placement du Québec pension fund, has set up shop in the Middle East and has won a C$616m (US$400m) mandate from the Arab Insurance Group (ARIG).
CDP Capital's presence in the area will be a joint venture between the Canadian fund manager and ARIG. The new business, CDP ARIG, will be based in Bahrain and will cater for institutional clients in the Middle East and North Africa.
In addition to asset management, CDP ARIG will offer its clients actuarial, asset allocation and investment consulting services.
Speaking about the new venture with ARIG, CDP Capital president Michel Nadeau explained: CDP Capital's expertise combined with ARIG's knowledge of the markets and well-established distribution network will enable CDP ARIG to tap a potential market that is estimated at US$1tr for institutional investment only.
We were looking for a recognised partner with solid international fund management expertise, said ARIG president and chief executive officer Udo Krueger. We're very pleased to partner with CDP Capital to offer our institutions financial products tailored to their needs and managed by a team of seasoned professionals.
By Geoffrey Ho
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