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: Quote, Profile, Research, Stock Buzz) and acquired fashion retailer Barneys New York Inc last year.
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