Gulf Investment Corporation, the Middle East-based financial institution owned by six GCC states, has partnered with an Asian investment management firm to strengthen the companies' operations in both regions. 

The memorandum of understanding between GIC and ICBC (Asia) Investment Management, a part of China's ICBC Group, seeks to grow both firms' respective asset and investment management capabilities. It will include a framework for product distribution that will give GIC access to an estimated 1.5 million high net worth Chinese individuals, as well as government and quasi-government entities.

A new Asia-Middle East fund will also be launched in the future.

"ICBC views this framework as a way to diversify our investments and provide alternative and attractive risk-adjusted returns to our clients. We envisage strong demand from GCC investors attracted to the growing array of Chinese and Asia based investments through this cooperation," said Jack Chang, chief executive and chief investment officer of ICBC Asia.