Swiss private banks are scrambling to enter the region. Star fund manager Rajiv Jain, formerly at Zurich-based Vontobel, is also betting on the Middle East.
Fund company GQG, founded by Rajiv Jain and based in the U.S. state of Florida, has invested 2.8 billion dollars in companies in the Middle East. The star fund manager, who has had a career at Zurich investment firm Vontobel, has been building up his bet on the region over the past year and a half.
He was impressed by the government's business-friendly approach in the region and their plans to lessen dependence on oil. «There are massive privatization hopes which by definition will open up the economy,» Jain told the British newspaper «Financial Times» (article behind paywall). «There’s a real intention to open up and transition away from oil.»
Concerns Concerning China’s Authorities
His investments now include the publicly listed conglomerate IHC from the United Arab Emirates (UAE). While the savvy specialist in developing countries has invested money in that region, he has pulled assets out of Chinese companies.
In explaining his reasons for the decision, the financial expert said the authorities’ actions against entire industries in China are making investors nervous.
Steep Success Curve
GQG now manages 105 billion dollars in assets and can therefore boast a steep success curve since it was founded in 2016. Before that, Jain worked in Vontobel’s fund business for over twenty years.
As co-head of the equity team, he ultimately managed 15 funds, overseeing around 50 billion dollars at the investment firm.
