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Emirates NBD Asset Management
Emirates NBD Asset Management launched in 2006 as the dedicated investment vehicle for Emirates NBD, the banking group formed by the merger of Emirates...
Emirates NBD Asset Management
Emirates NBD Asset Management launched in 2006 as the dedicated investment vehicle for Emirates NBD, the banking group formed by the merger of Emirates Bank International and National Bank of Dubai. The firm is not a family office but a bank-owned asset manager, ranking among the largest institutional investors in the UAE by virtue of its parent's balance sheet. Its creation consolidated the group's fund management, discretionary portfolio services, and fund-of-funds architecture under a single regulated entity operating from Dubai International Financial Centre. The firm deploys capital through a multi-asset mandate anchored by traditional fund-of-funds structures and direct co-investment sleeves. Core allocations span private equity, real estate, fixed income, and regional equities, with a pronounced tilt toward MENA-focused strategies that leverage the parent bank's origination network. Known commitments include Emirates NBD's flagship regional equity funds and real estate vehicles targeting income-generating assets in Dubai and Riyadh. The manager-of-managers model means the team selects and monitors external GPs rather than building in-house deal teams — a posture that prioritizes manager access and diversification over proprietary sourcing. Team size and total AUM are not publicly disclosed, though the parent bank reported group assets under management of over $22 billion across its wealth and asset management division in 2022, making the unit a material allocator in regional and emerging-market fundraisings. The firm governs alongside Emirates NBD's private banking arm, offering its strategies as building blocks for the group's mass-affluent and high-net-worth clients. There is no external evidence of separate philanthropic vehicles or club memberships tied directly to the asset management unit. The defining structural feature is the firm's embeddedness within a systemically important Gulf bank. Unlike independent fund-of-funds that must raise third-party capital, Emirates NBD Asset Management benefits from the deposit base and corporate relationships of its parent, functioning as both captive allocator and external manager. Governance flows through the group's board, with investment decisions subject to the same regulatory framework that governs Emirates NBD's broader banking operations under the Central Bank of the UAE and the Dubai Financial Services Authority.
General information
Firm type
Fund of Funds Manager
Year founded
2006
AUM
Undisclosed
Location
Region
Middle East
Country
United Arab Emirates
City
Dubai
Corporate office
Dubai, United Arab Emirates
Principals
Maurice Gravier
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Emirates NBD Asset Management?
Maurice Gravier serves as Chief Investment Officer, overseeing asset allocation and manager selection across the firm's multi-asset portfolios. The investment process operates within a committee structure governed by the asset management arm of Emirates NBD Group. In October 2023, the parent group named Ahmed Al Qassim as Group Chief Investment Officer for Private Banking and Asset Management, introducing a senior coordinating layer above the standalone AM unit.
How does Emirates NBD Asset Management source investment opportunities?
The firm operates a manager-of-managers model, selecting and monitoring external GPs rather than sourcing individual deals. Its primary advantage is access: as the investment arm of the UAE's largest banking group, it leverages the parent's corporate relationships, regional market intelligence, and status as a marquee allocator to gain capacity in oversubscribed funds. Much of its private-market access flows through long-standing relationships with regional and global fund managers.
Is Emirates NBD Asset Management a single-family office?
No, it is a bank-owned asset manager, not a family office. The firm is a fully owned subsidiary of Emirates NBD, a publicly listed banking group on the Dubai Financial Market. It provides discretionary portfolio management, fund-of-funds, and mutual fund products both to the bank's wealth management clients and to third-party institutional investors.
Does the firm make direct private equity investments or only fund commitments?
The primary model is fund-of-funds, meaning most capital flows into external private equity, real estate, and fixed-income funds managed by third-party GPs. The firm does maintain some co-investment capability, occasionally deploying directly alongside its existing fund managers, but it does not operate a proprietary deal-sourcing platform for direct control transactions.
Which asset classes does Emirates NBD Asset Management cover?
The firm runs strategies across private equity, real estate, fixed income, and regional equities. Its real estate exposure focuses on income-generating properties in the UAE and broader GCC. The fixed-income team manages conventional and Sharia-compliant mandates, while the equity strategies are heavily weighted toward MENA-listed stocks and select emerging-market funds.
How is Emirates NBD Asset Management regulated?
The firm operates under the regulatory oversight of the Dubai Financial Services Authority (DFSA), as it is based in the Dubai International Financial Centre. Its parent, Emirates NBD, is supervised by the Central Bank of the UAE. The asset management unit must comply with both DFSA conduct-of-business rules and the consolidated prudential regime applied to the banking group.
Does Emirates NBD Asset Management have any known philanthropic or impact investing structures?
There is no publicly documented philanthropic or dedicated impact-investing vehicle tied directly to the asset management unit. The Emirates NBD Group participates in corporate social responsibility initiatives, including financial inclusion programs and community development projects, but these are managed separately from the asset management business.
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