Emirates NBD Asset Management and BlackRock launched two investment funds, deepening a strategic partnership signed in 2025. In its first year, the collaboration has already attracted $350 million in assets under management. The income-focused funds, the FundStar Emirates CLO AA Fund and the Emirates Systematic Income and Growth Fund, target retail and wealth investors across the Middle East, offering BlackRock’s global investment expertise to new markets.
Why This Matters
As the UAE continues to deepen its financial ties with the US, BlackRock's partnership with Emirates NBD is one of several moves the firm has made to expand its presence in the UAE. This year, BlackRock also partnered with L'IMAD and ADNOC to create a global infrastructure investment partnership. These initiatives put BlackRock's $40 billion in global CLO strategies to work across the Gulf, growing demand for American financial products in one of the world's fastest-growing investor bases.
“One year into our partnership with Emirates NBD, we are proud of how quickly our collaboration has evolved and expanded. The launch of these two new funds is another important milestone, combining Emirates NBD’s local expertise and client reach with BlackRock’s global investment capabilities.” — Keith Saldanha, Head of Wealth and Global Product Solutions for the Middle East & Africa, BlackRock
Full Press Release: Emirates NBD and BlackRock launch two new funds as they mark one-year anniversary of partnership
•Platform introduces two new income-focused solutions: the FundStar Emirates CLO AA Fund and the Emirates Systematic Income and Growth Fund
•Milestone demonstrates strong regional demand for global expertise, following a successful initial year that attracted USD 350 million in AUM
Dubai, UAE, Emirates NBD Asset Management, the asset management division of Emirates NBD, a leading banking group in the Middle East, North Africa, Türkiye and South Asia (MENATSA) region and BlackRock have launched two new income-focused funds, the FundStar Emirates CLO AA Fund and the Emirates Systematic Income and Growth Fund, to mark the one-year anniversary of their strategic collaboration.
Building on the initial platform launched in 2025 to provide wealth clients with access to alternative investments, the partnership is now expanding its reach transitioning from private asset offerings originally reserved for professional clients to public fund structures accessible to a broader retail investor base across the region. Over the past year, the collaboration has delivered strong performance and significant momentum, attracting USD 350 million in Assets Under Management (AUM).
The two new funds are structured to address growing investor demand for regular income, capital preservation and global portfolio diversification in a modern, dynamic market environment through professionally managed solutions supported by BlackRock’s global investment expertise.
The FundStar Emirates CLO AA Fund, sub-managed by BlackRock, offers floating-rate income by investing in a high-quality, investment-grade Collateralised Loan Obligation (CLO) portfolio consisting of senior secured corporate loans across the US and Europe. The fund targets an average portfolio credit rating of AA with zero sub-investment-grade exposure, daily liquidity and no leverage to artificially boost returns.
The Emirates Systematic Income and Growth Fund follows a flexible, benchmark-unconstrained approach designed to generate dynamic alpha and high yield by allocating across globally diversified income-producing assets. BlackRock has been appointed as investment advisor, providing access to its systematic investment insights and vehicles, while Emirates NBD Asset Management remains responsible for ongoing portfolio management. The fund targets a 7% distribution net of fees, paid quarterly to investors.
Michail Samawi, Senior Executive Officer, Emirates NBD Asset Management, commented: "One year ago, we partnered with BlackRock to redefine how wealth investors in the Middle East access institutional-grade strategies. The success of this initiative in the first 12 months reflects the immense appetite in our region for sophisticated, yield-generating solutions. With the launch of these two new offerings, we are fulfilling our commitment to democratise premium global investments by delivering innovative wealth solutions that empower our clients to build resilient, income-generating portfolios aligned with their long-term financial goals.”
Keith Saldanha, Head of Wealth and Global Product Solutions for the Middle East & Africa at BlackRock, added: “One year into our partnership with Emirates NBD, we are proud of how quickly our collaboration has evolved and expanded. The launch of these two new funds is another important milestone, combining Emirates NBD’s local expertise and client reach with BlackRock’s global investment capabilities. We see significant opportunity for both CLO and systematic strategies within wealth portfolios, and we are excited to continue building innovative solutions together to give investors in the region access to an even broader range of investment opportunities.”
The launch reinforces Emirates NBD Asset Management’s strategic vision of leading the regional wealth landscape by offering tailored investment solutions backed by world-class global expertise. The FundStar Emirates CLO AA Fund draws upon BlackRock’s track record of over 24 years in the CLO space, where it currently manages more than USD 40 billion across global CLO strategies.
Both funds are now available to Emirates NBD wealth and retail clients, providing flexible avenues to construct income-generating, resilient portfolios.
