The Qatar Financial Centre has, reportedly, planned to buy hedge funds as part of a strategy to bolster the asset management industry based in the country.
In an interview given to a local media outlet, Yousuf Al-Jaida, chief strategic development officer said the QFC is currently implementing a four-stage process to build the local asset management presence in Doha and that the strategy of buying hedge funds is part of "Wave 2".
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Al-Jaida told MENA Fund Manager that the QFC is currently implementing "Wave 1" of its strategy which centres on incentivising global asset managers to set up shop in Qatar by offering to seed new funds, with capital supplied by Qatar’s Sovereign Wealth Fund.
However, he said the QFC will be moving on to Wave 2 which largely involves setting up back and middle office support services but will also involve "buying hedge funds".
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