Adia buys stake in Canada’s Innocap: The Abu Dhabi Investment Authority (Adia) has acquired a minority stake in Canada-based managed account services provider Innocap Investment Management, gradually increasing to 10% over the coming years, according to a statement. Once Adia reaches this benchmark, Mohammed Sghayer Khalaf Al Qubaisi, deputy director of Adia’s alternative investments department, will join Innocap’s board.

Utilizing Innocap’s services: Adia has selected Innocap to adopt its managed accounts platform for parts of its hedge fund and equity exposures.

That’s not all: Innocap has plans to open an office in Abu Dhabi later this year.

What this means for the UAE’s hedge fund ecosystem: The platform enables investors to allocate capital across multiple hedge funds with greater control and lower fees. The UAE has recently attracted global financial firms to Dubai and Abu Dhabi, including Pennsylvania-based Hamilton Lane, Hong Kong-based hedge fund Welwing Capital, tech-focused hedge fund Jetha Global, and New York-based law firm Skadden.

About Innocap: Innocap manages some USD 83 bn across 340 funds, serving institutional investors and hedge fund startups. Its shareholders include senior management, Caisse de dépôt et placement du Québec, BNY Mellon, Walter Global Asset Management, and BNP Paribas.

The story also got ink in Bloomberg.

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