Istithmar PJSC announced today that it has entered into an agreement to acquire a 3% minority stake in GLG Partners (“GLG”), a leading European alternative asset manager. London-based GLG is the largest independent alternative asset manager in Europe, with assets of over $20 billion. The agreement is subject to certain regulatory conditions.
Khaled Al Kamda, Vice Chairman of Istithmar, said, “Istithmar will continue to play the role of a long-term investor and assist GLG Partners in building its presence in the Middle East region.”
David Jackson, CEO of Istithmar, said, “Istithmar’s investment in GLG is a part of its strategy to invest in world-class financial services firms. Through its broad selection of managed funds, GLG offers superior performance and diversification to sophisticated investors.”
Noam Gottesman Co-CEO of GLG said, “We are extremely excited at the prospect of having Istithmar as a strategic investor. GLG has ambitious plans to grow in the Middle East and we look forward to working with Istithmar to provide world-class asset management products and services to clients in the region.”
About Istithmar:
Istithmar is a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates, with offices in Shanghai and New York. Established in 2003, it is 100% owned by Dubai World which in turn is wholly owned by the Government of Dubai. In the three years since its inception, Istithmar has invested in over 30 companies in three sectors -- consumer, industrial and financial services --- deploying in excess of $1.6 billion of capital. Istithmar’s ‘I’ Investment Philosophy is based around three core principles -- Ideas, Inquiry and Integrity -- and is the foundation on which the firm has established a broad portfolio of highly successful investments in the markets from North America and Europe to Asia and the Middle East.
About GLG:
GLG Partners, the largest independent alternative asset manager in Europe and the eleventh largest globally, offers its base of long-standing, prestigious clients a diverse range of investment products and account management services. GLG Partner’s focus is on preserving client’s capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG Partners has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of the opening of trading on June 1, 2007, GLG Partners managed gross AUM of over $20 billion.
