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NBAD to expand wealth management portfolio

05122014National Bank of Abu Dhabi, the biggest UAE bank by assets, expects to expand its money management business abroad to tap growth in emerging markets. Assets under management rose 51% this year to 11.3 billion dirhams ($3.1 billion), about half coming from institutions and wealthy individuals. The bank plans hubs in nine global cities to gain from an expanding middle class and trade and investments flows within a “west-east corridor” extending from West Africa to China. Asset managers in the UAE are benefiting from a surge in its equity markets as growth accelerates. Dubai’s benchmark share index is the sixth-best performer this year among about 90 major gauges tracked by Bloomberg with a 24% advance, while Abu Dhabi’s main index is up 9.6%. NBAD will probably expand its funds management business into markets that are similar or more emerging in style.

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