Sagard Holdings targets growth from UAE office

Sagard Holdings

Sagard Holdings, a Canada-based alternative asset manager with $14.5 billion under management, has opened its first office in the Gulf region in Abu Dhabi as part of its ongoing international expansion strategy.

The new office, located in the Abu Dhabi Global Market (ADGM) – an international financial centre – will be led by former Bank of Montreal executive Firas Mallah, who has more than two decades of experience and Middle East fundraising expertise.

Mallah will be responsible for developing the asset management company’s investor base, building its ecosystem and creating foundational partnerships, including its portfolio companies.

• ADQ expands investment reach in Canada
• Gulf sovereign wealth funds vary recipes for success
• UAE’s ADQ backs solar-powered desalination plant

Paul Desmarais III, chairman and CEO of Sagard, described the opening of the UAE office as an “important milestone” for the company.

In July, Abu Dhabi state holding company ADQ and Canada’s Bank of Montreal acquired minority equity stakes in Sagard, which invests in venture capital, private equity and real estate, among others, through its portfolio of 125 companies.

Earlier this month Brevan Howard, a global alternative investment manager with more than $33 billion in assets under management, appointed its first Middle East-based CEO.

Oualid Lahsini was appointed six months after the Jersey-based company announced opening an office in ADGM.

New research from Strategy& shows the asset management market in the GCC is projected to reach nearly $500 billion in onshore assets by 2026, a leap from $400 billion at the end of 2022.