Credit Suisse and its Qatari shareholder are expanding their presence in the Middle East. Their joint venture is investing in an asset management unit of a local wealth manager.
Aventicum Capital Management is a Doha-based wealth management venture jointly owned by Credit Suisse and QIA, the Qatar Investment Authority. The business has agreed to buy the management of selected funds and mandates from Amwal, a Qatar-based wealth manager, according to a statement released on Monday.
The funds include stock and bond investments and also products that conform with sharia rules. They will be sold to local, regional and international investors. Aventicum was founded in 2012 and currently sells from its base in the Middle East and Turkey.
The deal comes as a further boost for the ties between the Swiss bank and the Qatari investors. The state fund took a stake in Credit Suisse in 2008 and currently owns 5.21 percent of Switzerland’s second-largest bank.
