Abu Dhabi’s Lunate buys stake in UK hedge fund, launches $2B investment arm
With $1.7 trillion in sovereign wealth, Abu Dhabi has long sought to establish itself as a global financial hub.
Brevan Howard Asset Management will sell a minority stake to Abu Dhabi-based Lunate in a rare deal that will see the UAE state-backed firm commit $2 billion to establish a new investment platform in the emirate.
Lunate, which manages around $110 billion in assets, is an investment firm owned by a business tied to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan.
What happened: In a statement released on Tuesday announcing the deal, the two firms did not specify the value of the stake or how much was paid for it, but they said that it will also comprise newly created funds.
“These funds will leverage Brevan Howard's existing strategies and investment capabilities, including macro and digital assets. Additional capital is expected to be raised over time from local and international investors,” read the statement.
