Abu Dhabi-based investment manager Waha Capital will reportedly undertake a recruitment drive before launching a series of funds.
The new funds will likely include one that will target undervalued European and US equities and another aimed at regional investors looking for sharia-compliant investments, according to Michael Raynes, Waha Capital chief executive, who was interviewed by Bloomberg.
“Our strategy is to increase fee income by raising third party assets under management,” said Raynes.
The recruitment drive will form part of a reorganisation of the company's fund marketing division in support of the planned fund launches.
Raynes denied the firm had to scrap a planned $300 million private equity fund due to fallout from troubles at Dubai-based buyout firm Abraaj Capital. He said Waha Capital “never set any targets for fund-raising” and has instead opted for co-investments rather than raising pools of capital, according to the Bloomberg report. Raynes added that the troubles at Abraaj have had no “noticeable direct impact on our business”.
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