Ashburton is to open an office in Dubai to market its long-only funds and hedge funds in the United ...
Ashburton is to open an office in Dubai to market its long-only funds and hedge funds in the United Arab Emirates (UAE).
According to Ashburton, it will initially use the establishment of the UAE office, which is not expected to be opened until the end of 2005, to try to sell funds to expatriate investors through intermediaries in the region.
Ashburton added that it may sell its funds to local UAE investors in the future after the launch of new funds.
Geoff Gavey, a director of FirstRand International Asset Management, which owns Ashburton, said: "We wanted to gain more of a presence in the Middle East and Dubai is booming at the moment.
"With oil prices now at around $70 a barrel, people in the region have a lot of cash to invest. It is also an easy place to do business as a large number of people speak English."
The first funds to be marketed will be a selection of its long portfolios, including equity and fixed income funds. Ashburton will also sell hedge funds managed by RMB International.
Ashburton added that it may launch a Shariah compliant fund, for which it is currently conducting research in the UAE. The asset manager is also researching the viability of UAE property and equity funds. This would be designed to capitalise on the local property and stock markets that have experienced strong recent growth.
Gavey said no decision has been made over how the funds will be marketed in the UAE, although they will be sold through intermediaries.
Ashburton is to establish an office in Dubai.
It will sell long-only and hedge funds to expatriates in the UAE.
It might launch Shariah compliant and local property and equity funds.
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