NewDawn GSE Asset Management Limited, a wholly-owned subsidiary of DIC Asset Management (‘DICAM’) and the General Partner for the US$2bn Global Strategic Equities Fund (‘GSEF’), today announced that it has made a substantial investment in HSBC Holdings plc, the pre-eminent global financial services firm, allowing them to become one of the leading shareholders in the company.Further financial details are not disclosed.
The investment represents the first of a number of planned investments by GSEF in global Fortune 500 companies following the recent closing of its first round of fundraising efforts at US$1bn in February 2007. The fund seeks to become a leading shareholder in pre-eminent global large capitalisation stocks, whilst aiming to create value through long term exposure to a concentrated portfolio of undervalued companies.
HSBC Holdings plc serves over 125 million customers worldwide through around 10,000 offices in 82 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$1,861 billion at 31 December 2006, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.
Sameer Al Ansari, Executive Chairman and Chief Executive Officer of Dubai International Capital LLC, said: “GSEF’s investment in HSBC is another step in confirming DIC as a global investment company. This is the first of many planned investments that will eventually see GSEF investing about US$10bn in global companies. We are very excited about our pipeline of investment opportunities that are available in the global equities markets.”
GSEF is promoted by DIC Asset Management (‘DICAM’), the asset management subsidiary of Dubai International Capital (“DIC”). NewDawn GSE Asset Management Limited, a wholly-owned subsidiary of DICAM is the General Partner for GSEF. DICAM and NewDawn GSE Asset Management Limited are licensed and regulated by the Dubai Financial Services Authority (DFSA) and GSEF is a DIFC registered fund. The strategic investment in HSBC was made with the assistance of Goldman Sachs International.
