The Trade Bank of Iraq (TBI) has teamed up with Dubai-based asset manager Alpen Asset Advisers to launch the Dananeer Fund, a $100 million investment vehicle.
The fund will be legally structured as a segregated portfolio class B of Alpen’s and will be domiciled in the Cayman Islands and regulated by the Cayman Islands Monetary Authority.
“I am pleased to launch this new investment scheme offering our clients an opportunity to diversify their investments and potentially increase their returns,” said Faisal Al-Haimus, chairman and president of TBI.
The fund launch follows the bank’s stated aim in July to expand its presence in the Gulf and to widen its revenue streams by growing its asset management business.
In addition to the Dananeer Fund, TBI is upgrading its licence in Abu Dhabi to an asset management company from a representative office.
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