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Daman + Allianz roll out USD 67 bn feeder funds: Dubai-based asset manager Daman Investment and Allianz Global Investors launched two onshore feeder funds, allowing retail investors in the UAE to access Allianz’s international investment portfolio, according to a statement. The two funds collectively manage over USD 67 bn in assets, according to a separate press release.
REMEMBER- The Securities and Commodities Authority (SCA) issued a decision in April prohibiting funds and asset managers outside of the UAE from being publicly offered for retail subscription in the UAE. Domestic feeder funds — essentially a sub-fund that pools investment capital under a larger umbrella fund — are one way retail investors can gain access to foreign master funds.
About the funds: The first fund employs a “US-centric multi-asset strategy” with a focus on large-cap equities, convertible securities, and high-yield bonds, managing over USD 55 bn. The second fund, dubbed the Global Artificial Intelligence Fund, holds over USD 12 bn in AI assets.
Investment managers are swiftly adapting to the new rule: Last week, Aditum Investment Management debuted four public funds in the DIFC, with Standard Chartered acting as fund administrator and custodian. Standard Chartered also partnered with securities depository Clearstream to include UAE-based funds on its Vestima platform enabling retail clients to invest in locally-domiciled funds.
