TBI, Alpen Asset Advisors partner to launch the Dananeer Fund

Faisal Al Haimus, the Chairman & President of TBI and Rohit Walia, the Executive Chairman of Alpen Asset Advisors/Supplied

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The investment objective of the fund is to generate returns through underlying investments in the US dollar-denominated Government of Iraq bond.

Monday 02, September 2019

The Trade Bank of Iraq (TBI) has launched Dananeer Fund, a $100 million investment portfolio fund in partnership with Alpen Asset Advisors.

The lender will offer its high net worth clients and institutions the opportunity to invest in the 2023 Iraqi sovereign bonds by investing a minimum of $50,000 on their behalf into Dananeer Fund as a nominee for the underlying investors.

Faisal Al Haimus, the Chairman & President of TBI, said, “Through the support of our network of international institutions and strong relationships with companies and banks across the world, we have provided a gateway for international businesses to gain access to opportunities in the growing Iraqi market while allowing local businesses to get access to western markets by providing our financial expertise.”

TBI stated that the fund is legally structured as a Segregated Portfolio Class B of the investment fund company Alpen Asset Advisors SPC based in Cayman Islands regulated by the Cayman Islands Monetary Authority (CIMA).

The fund will benefit from statutory segregation of assets and liabilities between portfolios and hence, mitigates the risk of cross liability between portfolios and will allow investors to subscribe or redeem their investments on a monthly basis, says TBI.

The fund, designed to strengthen the role of TBI in creating new investment links between Iraq and rest of the world, is part of the bank’s long-term strategy and continued commitment towards the upliftment of the Iraqi economy.

TBI inaugurated its first international branch office in Al-'Olayya district of Riyadh in Saudi Arabia in April and the branch is expected to start operations soon.

Additionally, the state-owned lender is expanding into China and the Gulf as is seeks to lift its revenues from retail banking and international operations to 30 per cent by 2022 from 25 per cent currently.

 

 

TAGS : Trade Bank of Iraq, Cayman Islands Monetary Authority, Iraqi sovereign bonds, Cayman Islands, Faisal Al Haimus, Alpen Asset Advisors

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