Dubai-based fund manager Emirates NBD Asset Management has linked with London-based hedge fund manager Man Group for the management of its Islamic alternative assets fund, according to media reports.

Assets of the Emirates Islamic Alternative Strategies Fund will be allocated to the Man GLG Multi-Strategy Fund, Deon Vernooy, Emirates NBD Asset Management’s senior executive officer, is reported as saying at a news conference in Dubai.

The fund manages $20.9 million and “if we don’t raise $50 million to $100 million in a year we would be disappointed,” Vernooy is reported as saying. The fund will aim at annual returns of 3 to 5 per cent over LIBOR.