DOHA: QInvest Qatar’s leading investment group and one of the world’s most prominent Islamic financial institutions announced yesterday the acquisition of ERGO Portfoy one of the largest and fastest growing asset management companies in Turkey. Following the completion of this acquisition QInvest Asset Management will have assets under management close to $1bn.

After the completion of this 100% acquisition ERGO Portfoy has been rebranded as QInvest Portfoy and is a subsidiary of Qatar’s QInvest. The senior management of QInvest Portfoy will remain with the firm and will be led by Murat Vanli the General Manager of ERGO Portfoy and will continue to operate from Istanbul. The company has been granted its license to operate by The Capital Markets Board of Turkey (CMB) and is licenced to offer portfolio management to both individual and institutional investors.

QInvest Portfoy is one of the leading asset management groups in Turkey with over 1.5bn Turkish Liras in assets under management providing pension and mutual fund and discretionary portfolio management services.

It has generated strong performance in recent years outperforming the peer group and its unparalleled client servicing capabilities have helped it to become the largest Islamic asset management company in Turkey. QInvest Portfoy is expected to play a major role in attracting new investments into Turkey delivering high value services to a larger client base. It will also benefit from the world-class capability that QInvest currently provides.

QInvest’s Chief Executive Officer Tamim Hamad Al Kawari said: “The acquisition of ERGO Portfoy and the launch of QInvest Portfoy marks a very significant moment for QInvest. It is in line with our long-term strategy of developing our Asset Management division as one of the three key business lines within QInvest and it is an important milestone in our mission to maintain our position as a leading global Islamic Investment institution.”

Dr Ataf Ahmed Managing Director and Head of Asset Management commented:

“The launch of QInvest Portfoy will accelerate our current growth strategy and position QInvest Asset Management as one of the leading global Islamic asset management groups. Within just three years QInvest Asset Management has grown its assets under management to just under $1bn and this expanded capability positions us even more strongly for future growth”.

QInvest LLC already has a number of international offices and strategic partnerships in important financial centres.

The launch of QInvest Portfoy will increase QInvest’s commitment to the fast growing Turkish market and follows on from the establishment of QInvest’s representative office in Turkey in 2011. Since 2011 QInvest LLC has been active in the Turkish market mainly focusing on external financing transactions.

“The combination of these two businesses will allow us to make the most of the support and additional resources that QInvest can provide. Our existing clients will continue to be serviced by the same team but will now also benefit from the greater access that the combined business will provide. We are very pleased to be joining the QInvest group and to be contributing to its future growth and success” said Murat Vanl General Manager of QInvest Portfoy.

The Peninsula