Allianz Global Investors and Daman Investments have joined forces to launch what it calls the Emirates’ First Onshore Feeder Funds for Retail Investors
AllianzGI is one of the world’s leading active investment managers, and Daman Investments, a provider of non-banking financial services in the UAE since 1998.
The two new funds being offered by AllianzGI in collaboration with Daman Investments replicate their flagship strategies focusing on:
- Income & Growth: With over $55bn assets under management, the Allianz Income and Growth strategy takes a US centric multi-asset approach to delivering consistent income and capital growth with lower volatility through investments in large-cap equities (with a covered call overlay), convertible securities and high-yield bonds. The fund aims to deliver a stable and sustainable monthly distribution to investors.
- Global Artificial Intelligence: With over $12bn assets under management, the Allianz Global Artificial Intelligence fund aims to generate long-term capital growth by investing in global equity markets with a focus on artificial intelligence (AI).The goal of the fund is to navigate the changes introduced by this transformative technology, that has the potential to disrupt every industry.
Umbrella
The funds have been established under the umbrella of Allianz Global Investors AE Feeder Funds and comply with regulation No. (01/RM) of 2023 issued by the Securities and Commodity Authority (SCA) which came into effect on 1 April 2024, the company said. Furthermore the funds aim to encourage the development of a comprehensive asset management industry in the UAE over the next decade.
Malie Conway, head of global clients & growth markets at AllianzGI, said: “We are excited to be working in this partnership to provide retail investors with access to some of AllianzGI’s best-known global investment strategies backed by Daman Investments’ deep understanding of the local market.
UAE Government
Mr. Shehab Gargash, founder & chairman, Daman Investments stated: “We laud the UAE government & the SCA’s efforts to introduce international best practices to further boost the Asset Management Industry. This collaboration with one of the world’s best institutions is a testament to our relentless pursuit of excellence and our dedication towards providing innovative solutions that meet the needs of investors.”
Mohamed Hmidi, director of business development Middle East at AllianzGI, added: “We are all excited to launch the first local onshore funds in the market and look forward to further expanding our presence in the region.”
