Allianz Global Investors (AllianzGI), a prominent active investment manager globally, and Daman Investments PSC, a key non-banking financial services provider in the UAE since 1998, have unveiled the UAE's inaugural onshore feeder funds tailored for retail investors. This initiative presents a distinctive chance for individual investors to invest in professionally managed international funds, allowing them to diversify their investment portfolios across various asset classes, regions, and sectors such as Artificial Intelligence.
The two new funds introduced by AllianzGI in partnership with Daman Investments mirror their leading strategies, focusing on: • Income & Growth: Managed assets exceed $55 billion, the Allianz Income and Growth strategy employs a US-centric multi-asset approach to provide steady income and capital growth with reduced volatility by investing in large-cap equities (with a covered call overlay), convertible securities, and high-yield bonds. The fund targets to offer a consistent and sustainable monthly payout to investors. • Global Artificial Intelligence: With assets under management surpassing $12 billion, the Allianz Global Artificial Intelligence fund seeks to achieve long-term capital appreciation by investing in global equity markets with a concentration on artificial intelligence (AI). The fund's objective is to capitalize on the transformations brought about by this groundbreaking technology. We anticipate that as AI advances, it could revolutionize every sector.
These funds operate under the Allianz Global Investors AE Feeder Funds banner and adhere to regulation No. (01/RM) of 2023 set by the Securities and Commodity Authority (SCA). Additionally, the funds are designed to foster the growth of a robust asset management sector in the UAE in the coming decade. Malie Conway, head of Global Clients & Growth Markets at AllianzGI, expressed enthusiasm about the partnership, stating, 'We are thrilled to collaborate to offer retail investors access to AllianzGI’s renowned global investment strategies, supported by Daman Investment’s profound local market insights.' Mohamed Hmidi, director of Business Development Middle East at AllianzGI, added, 'AllianzGI is honored to aid in the expansion of the asset management industry in the UAE by sharing our global investment knowledge with local distribution partners and their retail clients. We eagerly anticipate the launch of the first local onshore funds and are keen to extend our footprint in the region.' Shehab Gargash, founder and chairman of Daman Investments PSC, praised the UAE government & SCA’s initiatives to enhance the Asset Management Industry by adopting international best practices, noting that this partnership with a world-leading institution reflects their commitment to excellence and delivering innovative investment solutions.'
