Emirates NBD announced today that it has signed a Memorandum of Understanding (MoU) with BlackRock to create an investment platform that will provide the bank’s wealth clients access to alternatives, specifically within private markets.
Traditionally only available to institutional investors in the region, private markets represent the fastest-growing segment of asset management, with alternative assets expected to reach $30 trillion by the end of the decade.
“Innovation is a cornerstone at Emirates NBD, and we are pleased to partner with BlackRock to offer access to best-in-class products in alternative markets through a dedicated platform while supporting the growing needs of investors in the region,” stated Marwan Hadi, group head of retail banking and wealth management at Emirates NBD.
Evergreen offerings to target UAE wealth market
Emirates NBD Asset Management and BlackRock will launch an initial range of evergreen offerings targeting income and growth strategies on an exclusive basis for the UAE wealth market. In addition, BlackRock will deploy its open architecture approach to support Emirates NBD Asset Management’s plans to expand its private markets offering by providing additional services such as marketing, education, training and technology.
“We are deeply committed to creating value through our offerings and advancing the investment landscape in the UAE and the wider region, which has been experiencing a strong appetite in the last few years,” added Hadi.
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Enhanced access to alternatives across all major asset classes
Through the Emirates NBD Asset Management platform, the long-term goal is to democratize the alternative assets space and offer Emirates NBD’s clients across the Middle East access to alternatives across all major asset classes.
The private markets offerings will be based on BlackRock’s Alternative Investments platform, which now exceeds $450 billion assets under management and is supported by over 1,000 personnel in more than 50 countries.
“Spurred by investor sentiment and facilitated by product innovation, technology, and regulatory advancements, wealth allocations to private markets are predicted to increase materially over the next five years. The combination of Emirates NBD’s distribution capabilities and reach across the region, combined with BlackRock’s expertise and global leadership in private markets, will be a compelling proposition for Middle Eastern investors,” noted Rachel Lord, head of international at BlackRock.
