AGI and Daman Investments Launch UAE’s First Onshore Feeder Fund

Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, and Daman Investments, a leading provider of non-banking financial services in the UAE since 1998, have announced the launch of the UAE’s first onshore feeder fund for retail investors.

The initiative offers a unique opportunity for retail investors to access professionally managed international funds. This enables investors to diversify their portfolios through investments in a broad range of asset classes, geographies and trending sectors like Artificial Intelligence (AI).

The two new funds being offered by AllianzGI in collaboration with Daman Investments replicate their flagship strategies focusing on Income & Growth and Global AI.

Income & Growth: With over $55 billion assets under management (AUM), 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 $12 billion assets under management (AUM), the Allianz Global Artificial Intelligence fund aims to generate long-term capital growth by investing in global equity markets with a focus on AI. The goal of the fund is to navigate the changes introduced by this transformative technology, that has the potential to disrupt every industry.

These two 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) of the UAE which came into effect on 1 April 2024.

Furthermore, the funds aim to encourage the development of a comprehensive asset management industry in the UAE over the next decade.

Win Win Situation

Malie Conway, Head of Global Clients & Growth Markets at AllianzGI said that they will 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.

Mohamed Hmidi, Director of Business Development Middle East at AllianzGI said that AllianzGI is proud to contribute to the growth of the asset management industry in the UAE by providing their local distribution partners and their retail clients with the company’s global investment expertise.

Shehab Gargash, Founder & Chairman, Daman Investments, lauded 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,” he added.

Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing $592.34 billion in assets as of March this year.