Qatar Credit Suisse to launch asset management venture

A unit of the Qatar Investment Authority (QIA) has teamed up with Credit Suisse to launch an asset management joint venture, Bloomberg reported on Tuesday, citing unnamed sources familiar with the matter.

With focus on the Middle East and North Africa investment markets, both the Swiss banking group and the QIA -- the Gulf state’s sovereign wealth fund -- plan to also bolster operations into other emerging markets, the news agency added.

The joint venture may be announced this year, the report said, adding that the initiative follows “12 months of negotiations between Credit Suisse and Qatar.” The venture will also solicit third-party funds, according to one of the unnamed sourced cited by Bloomberg.

Previously, Credit Suisse has advised QIA on several deals including the purchase of the luxury department store Harrods. Qatar also took a 6 percent stake in the Swiss firm and in February it bought its London-based headquarters, leasing it back to the bank.

The country, which has the world’s third-largest gas reserves, is snapping up assets across the globe as it seeks to reduce its energy dependency and has $30 billion to invest this year, QIA board member Hussain al-Abdulla said in April, according to Bloomberg.

In 2012, the government-run Qatar Financial Center Authority announced a strategy in 2010 to make Qatar an international and regional hub for asset management.

On the topic of the joint venture, spokespersons at the QIA and Credit Suisse declined to comment to the news agency.

Last Update: Tuesday, 30 October 2012 KSA 10:04 - GMT 07:04