Dubai's Istithmar buys into U.S. asset manager

DUBAI, April 28 (Reuters) - Dubai government investment agency Istithmar World Capital said on Monday it would buy a majority stake in a U.S. asset management firm as it expands outside of the world's biggest oil-exporting region.

Istithmar did not disclose financial details of the deal to buy into North Carolina-based Gulf Stream Asset Management, which it said manages about $3.8 billion in corporate credit portfolios.

The United Arab Emirates fund said in a statement the acquisition would allow Istithmar to expand into the credit investment sector, diversifying its focus beyond private and alternative equity investing.

Istithmar bought a stake in Standard Chartered Plc (STAN.L) and acquired fashion retailer Barneys New York Inc last year.