Emirates NBD Asset Management has mandated Man Group to manage the firm’s Islamic alternative assets fund, Pensions & Investments reports. The assets of Emirates Islamic Alternative Strategies Fund of the Dubai-based fund manager will be allocated to the Man GLG Multi-Strategy Fund.

The Emirates Islamic strategies fund was set up in 2007 and currently manages $20.9 million. NBD is aiming to raise between $50 million and $100 million a year through the fund and is expecting annual returns of 3 percent to 5 percent over the London interbank offered rate. The firm manages a total of $1.23 billion in assets across 14 funds.

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