Doha-based QInvest has acquired Ergo Portfoy, a Turkish asset management firm, in a deal that brings its assets under management to nearly $1 billion.
Murat Vanli, general manager, will continue to lead the Istanbul-based firm, which will be renamed QInvest Portfoy. With 1.5 billion Turkish lira ($500 million) under management, QInvest Portfoy provides pension services, discretionary portfolios and mutual funds.
Tamim Hamad Al-Kawari, chief executive of QInvest, said the deal helped develop his firm’s asset management division and was “an important milestone in our mission to maintain our position as a leading global Islamic investment institution”.
QInvest is already active in the Turkish market, mainly in external financing transactions, having acted as joint lead manager and bookrunner in sukuk transactions from the Turkish government and from several Turkish banks.
In 2015, QInvest signed a deal to act as adviser to a global sukuk fund set up by Ergo Portfoy.
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