Sources familiar with the deal told Bloomberg that the new start up will be based in Doha and is likely to concentrate on Middle East and North African investments.
The JV, which will also implore for third-party funds, is expected to come in existence this year, after the completion of a 12-month dicussion between the parties.
Qatar is strengthening its relations with the Zurich based lender, following a 6% stake acquisition as well as purchasing of London headquarters, as reported by the news agency.
The nation is contemplating to shift its dependency from gas production; hence, is trying to boost its asset management across the globe and has plans to invest $30bn, according to the QIA board member Hussain Al Abdulla.
In November 2011, the bank announced its intention to start offering asset management services to local and international investors in the country this year, as soon as it receives regulatory clearance.
Further, the bank is also planning to expand the businesses of its proposed JV into other emerging and frontier markets, depending on its performance.
