Who We Are
One of the Top Asset Management Firms in the UAE
Established in 2015, Index & Cie is a specialised boutique Asset Management company in Dubai, located in the heart of the Dubai International Financial Centre (DIFC).
As a company regulated by the Dubai Financial Services Authority (DFSA), we adhere to the highest standards of professionalism and integrity.
At Index & Cie, we pride ourselves on being fully independent. This means we are the architects of our own structure, investment research capabilities and portfolio management decisions, without the interference of third-party agendas.
The setup at our asset management company in UAE empowers us to provide bespoke and tailored solutions designed to meet the unique requirements and needs of our clients.
With an excellent reputation amidst asset management companies in UAE, we understand that every individual investor has specific goals, preferences and risk appetites.
Whether you are an individual investor, family office, or institutional client, Index & Cie is focused on providing you with the highest level of investment
Our Range of Asset Management Services
At Index & Cie, we take pride in managing our clients’ wealth across public and private markets. Our approach to capital management is based on a modern version of the Value Investing philosophy.
We perform our own macroeconomic, bottom-up and quantitative analysis, without depending on third-party research.
What sets us apart from other asset management firms in Dubai is our intellectual independence from external influence. We believe in challenging the status quo and constantly seeking excellent companies or assets to best protect and growth our clients’ capital.
In addition, our commitment to independence allows us to act on our clients’ best interests, ensuring unbiased and genuine recommendations. This is one of the reasons behind our success and recognition amongst Dubai asset management companies.
Listed Markets
A modern interpretation of Value Investing
- We build investment strategies across equities, bonds and commodities listed in all major public markets
- Our investment team operates under a modern interpretation of the Value Investing philosophy
- Our strategies begin with macroeconomic analysis, continue with asset-specific research and are optimized via proprietary quantitative tools
Private Markets
Access is key
- Index & Cie is an investment partner of a top-20 sovereign wealth fund
- We co-invest in exclusive opportunities presented to top global investors
- Access is essential: the best startups and private companies in the world want to be invested in by the best VCs funds in the world, and Index & Cie co-invests with the best VCs in the world
Infrastructure
Asset protection, reasonable costs
- Safety of client assets is our top priority
- We can custody assets either with final depositary institutions in developed Western countries or with major intermediary banks
- Our independent core banking system allows us to maintain control of all flows without depending on any intermediary bank
- Because of the quality of our partnerships, we managed to offer our services at a very competitive cost
What We Do
At Index & Cie, we take pride in managing our clients’ wealth across public and private markets. Our approach to capital management is based on a modern version of the Value Investing philosophy.
We perform our own macroeconomic, bottom-up and quantitative analysis, without depending on third-party research.
What sets us apart from our competitors is our intellectual independence from external influence. We believe in challenging the status quo and constantly seeking excellent companies or assets to best protect and growth our clients’ capital.
In addition, our commitment to independence allows us to act on our clients’ best interests, ensuring unbiased and genuine recommendations.
Our comprehensive offering includes a range of services designed to meet the diverse investment needs of our clients:
Public Markets
Private Markets
Property Investment
Discretionary, Advisory & Execution
Discretionary
Our Investment Team manages the client’s capital according to three different mandates, designed to address a wide range of risk/return profiles via diversified or concentrated allocations in major asset classes. Macro and quantitative overlays are then applied.
Conservative
A diversified portfolio, overweighted fixed income instruments, with an emphasis on capital protection.
Balanced
A diversified portfolio with a mix of fixed income, equity and commodity instruments, with an emphasis on protection and upside growth.
Global Value
A concentrated portfolio focused on stock picking and quantitative overlay, with an emphasis on upside growth.
Advisory
The client calls the shots after discussing his or her risk/return profile with our Investment Team, which advises on how to allocate into asset classes via diversified instruments or single securities
Execution
The client chooses independently what to trade among ~6,000 listed equities, ~12,000 listed and OTC bonds, major listed precious and base metals and foreign currencies
Our Approach to Asset Management in Dubai, UAE
Our Chief Investment Officer and team come from the Value Investing school of thought. The goal is to invest in companies, assets or projects that exhibit a sustainable competitive advantage, a large moat and a large enough margin of safety.
This approach focuses exclusively on fundamentals of the investment targets and their industries.
While deep fundamental research is still central in our philosophy, direct experience in capital markets over the course of decades motivated our team to add a strong macroeconomic overlay and a quantitative optimisation to the Value Investing approach.
These tools inform our entire investment process and contain the following key elements:
Value
Capital protection
Investment horizon
Unbiased investment approach
Multi-asset class approach
Global reach
Risk management
Cost
Sustainable Competitive Advantage
- A company with a unique product or service, which are substantially superior to those of the competition;
- Sustainability of superiority through time, which ultimately translates into superior and constant growth and returns through the years;
- Balance sheet solidity, a measure of competitiveness since interest repayments directly impact earnings.
Moat
- It takes years of research and large capital expenditure for competition to replicate the product or service;
- Market share is large and position is entrenched in specific markets;
- Concentrated industry or geography, where players are entrenched.
Margin of Safety
- Only buy when a large discount exists between expected future economic value and current market valuation;
- Only sell when competitive advantage or moat are deteriorating, but market valuation does not reflect that.
Investment Views & Research
Market Newsletter
Our monthly view and interpretation of global markets, with an eye on long-term investment opportunities
Thematic Research
Deep dives into the fundamentals of entire industries, visualizing the future from historical analogies
Meet The Team
At One of the Top Asset Management Companies in DIFC
Our Senior Management comes from decades of top managerial positions in the financial, consulting and commodity industries across the globe
Our relationship managers have established strong relationships with our clients that today form the core of our long-term oriented business
Our investment professionals come from more than 50 years of managing capital for individuals, families and institutions with bulge bracket investment banks, asset managers and multi-family offices in the US, UK, Europe, East Asia and the Middle East
The Tenth Annual WealthBriefing MENA Awards for Excellence 2023
I was pleased to announce some of the winners of The Tenth Annual WealthBriefing MENA Awards for Excellence 2023 were announced last night a prestigious gala dinner.
Top Independent Asset Managers 2023
What is your investment philosophy?
Everything begins with a first layer of global macro analysis and continues with a second layer of bottom-up fundamental research on single companies or assets we seek to have in our portfolio. Finally, we conduct a third layer of quantitative, algorithmic optimisation. Our target companies are high quality, solid, ever growing, best-in-class businesses that have managed to maintain a competitive advantage in their respective industries for years. Once we find them, we try to maximize our capital performance by buying when an irrational negative sentiment hit markets indiscriminately, and trading around positive and negative momentum.
Are the local regulatory conditions conducive for setting up an IAM?
The current regulatory conditions to set up IAMs in the Dubai International Financial Centre (DIFC) are straightforward and accessible by modern financing standards. We have also noticed an increased flow of both professionals and clients getting out of Europe and China and into the UAE – flows totally unrelated to Russian wealth.
What services do you value the most from an intermediary bank?
A distinction must be made in stage of evolution for IAMs. At inception, intermediary banks are necessary and sufficient to perform the job. The vital services are custody, brokerage, segregation, and core system, leaving the IAM time to focus on investments. At a non-startup level, things can be quite different. An IAM might still need these services centralised in its partner intermediary bank, but the price can be questioned.
In our experience and in the study of history of the past 10 years, banks have essentially lost all revenue streams from interest rates. Most of them managed to survive by either overcharging on commoditised services, or by launching a brokerage online platform. The question of how much you pay for these services becomes central for non-startup IAMs, such as us.
We chose to challenge the intermediary bank model by splitting it into three main parts. Today, we receive custodial services for cash and assets from two different custodians. We also place our market orders with several pure brokers. In addition, we have our own internal core system to aggregate all client data. This means we do not depend on any intermediary bank to digest and present data to us and our clients.
What are the challenges for IAMs in the region?
Setup and operating costs, competition, clients and the talent pool. We are talking about a substantial investment in cash and time to set up a well-developed infrastructure. Less thorough infrastructures risk a collapse due to personal relationships breaking down. Dubai and the DIFC are over-served markets, with lots of players already entrenched for decades now. Observation shows that clients tend to stay put from a jurisdictional point of view for several years. This means that capital rarely flows around major cities. In turn, the same clients are served by many providers, making competition high. With one of the most varied cultural melting pots in the world, the UAE offers wildly diverse ranges of professionalism. As with everything, looking for the highest professional and ethical standards is always a challenge, but the UAE might surprise on the upside.
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