Abu Dhabi's Mubadala to form JV with Mesirow

Abu Dhabi's Mubadala to form JV with MesirowAbu Dhabi-owned investment fund Mubadala and Chicago-based asset manager Mesirow Financial are all set to strike a deal for setting up a new joint venture company. The new entity would offer services in risk management in commodity and in the currency market. Chris Coombe, former chief operating officer of Invest AD will head the joint venture, according to a person known to development.

Invest AD, a firm owned by Abu Dhabi Investment Council (ADIC), is one of the leading sovereign wealth funds in Abu Dhabi. Investment fund Mubadala is yet to obtain regulatory approvals to start its operations in the country.

Mesirow spokeswoman Katie Schimmel told Reuters on Thursday that Mubadala and Mesirow will own 51 per cent and 49 per cent stake in the newly formed entity. This is the first ever joint venture Mubadala has formed with Mesirow and it is aimed to serve clients in Abu Dhabi and in Middle East, North Africa and South Asia region.

Waleed Al Mokarrab Al Muhairi, Chief Operating Officer for Mubadala, told, "This new venture will help clients navigate market fluctuations and manage downside risks - particularly in commodity and currency prices."