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Simon Danaher

Qatar plans to buy hedge fund managers as part of expansion strategy

From Middle East Apr 17 2013 BY: Simon Danaher , Online Editor , International Adviser

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The Qatar Financial Centre has plans in place to buy hedge funds as part of a strategy to bolster the asset management industry based in the country.

In an interview given to a local media outlet, Yousuf Al-Jaida, chief strategic development officer said the QFC is currently implementing a four-stage process to build the local asset management presence in Doha and that the strategy of buying hedge funds is part of “Wave 2”.

Al-Jaida told MENA Fund Manager that the QFC is currently implementing “Wave 1” of its strategy which centres on incentivising global asset managers to set up shop in Qatar by offering to seed new funds, with capital supplied by Qatar’s Sovereign Wealth Fund.

However, he said the QFC will be moving on to Wave 2 which largely involves setting up back and middle office support services but will also involve “buying hedge funds”.

Al-Jaida told Mena FM the QFC is planning to establish a hedge fund platform.

He said: “We’re setting up the infrastructure here, the middle office and back office, and then going out and buying hedge funds and relocating them to Qatar.

“That’s a unique project within the overall strategy. Not only are you moving managers, but you are also managing the managers, so you need a pool of analysts on the ground, an entire middle office and back office to do all of the due diligence for these managers who qualify to become part of the platform. We hope to end up with a platform of maybe 10-15 managers, with a billion or a billion and a half under management.”

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