DWS Group, formerly Deutsche Asset Management, has taken a 15% stake in Neo Technologies, a Dubai-based digital investment platform.
The value of the deal was not disclosed but under the terms of the agreement DWS and Neo will collaborate on the development and expansion of digital asset management services in the Mena market.
Neo’s platform-as-a-service model is offered on a white label basis to local asset managers and is designed specifically to cater for local language and regulatory requirements.
The startup has previously partnered with Kuwait’s NBK Capital to launch what it claims is Kuwait’s first digital investment service, NBK Capital SmartWealth.
According to DWS, the investment in the Neo platform underlines its commitment to both digitisation and the Mena region. “Neo Technologies enables DWS to obtain further presence in a region with high growth rates in asset management,” said Thorsten Michalik, co-head of DWS’ global coverage group.
©2018 funds global mena