Deutsche's DWS to buy stake in Dubai-based digital investment firm
Reuters
Published Nov 04, 2018 13:32
Deutsche's DWS to buy stake in Dubai-based digital investment firm
DUBAI (Reuters) - DWS Group (DE:DWSG), Deutsche Bank's (DE:DBKGn) asset manager, has entered into a binding agreement to acquire an equity stake of 15 percent in Dubai-based Neo Technologies, the companies said on Sunday.
The deal comes as Dubai and other cities across the Gulf region compete to establish themselves as regional powerhouses in financial technology or fintech.
Under the agreement, DWS Group - which as of the end of September had 692 billion euros (607.39 billion pounds) worth of assets under management - and Neo Technologies will form a partnership to collaborate on the development and expansion of digital asset management services in the Middle East and North Africa region, they said.
The value of the transaction was not disclosed.
"NEO Technologies enables DWS to obtain further presence in a region with high growth rates in asset management," Thorsten Michalik, co-head of DWS' global coverage group, said in a statement.
Neo Technologies provides technology and consulting services to businesses developing digital asset management services.
Together with Kuwait's NBK Capital it has launched Kuwait's first digital investment service, called NBK Capital SmartWealth.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.