Dubai International Financial Centre (DIFC), in an announcement, said that Lord Abbett (Middle East) Limited, a leading global asset manager, has received approval from the Dubai Financial Services Authority (DFSA) to operate its first Middle East office.
The approval from DFSA will allow the company to offer its investment and client-led proposition to the investment community in the Middle East. Lord Abbett, which has more than fifty years of experience in credit investment and an unmatched depth of analytical credit research, will utilise its presence in DIFC to offer relevant investment solutions and strengthen relations with asset owners in the region.
The inclusion of the company in the Dubai International Financial Centre adds Lord Abbett to a list of more than 250 leading asset and wealth managers at the largest Wealth and Asset Management hub in the region. The companies at the hub collectively manage more than USD450 billion worth of assets, and over a hundred domiciled funds.
The strategic position of Dubai International Financial Centre enables wealth and asset managers in the region to access emerging wealth spanning the fast-growing markets of the Middle East, South Africa and Asia regions. Wealth and asset managers, through the hub’s network, are provided with direct access to UHNI’s and institutional investors seeking alternative and conventional investment solutions. DIFC combines an internationally recognised common law system with a dynamic regulatory environment to provide a highly attractive destination for international wealth and asset management firms.
Head of MEA and Senior Executive Officer at Lord Abbett, James Savastano, said that the company was delighted to launch its MEA business within DIFC. He said that the strategic location would allow the company to better serve its regional client base, and also deliver the full range of Lord Abbett’s investment solutions to the Middle East market.
DIFC remains the largest financial hub in the Middle East, Africa and South Asia
CEO of DIFC Authority, Arif Amiri, stated that DIFC houses more than 250 asset and wealth management companies, making it the largest hub for the Middle East, Africa and South Asia. He further said that the opening of the company’s first Middle East office reflects the reputation of DIFC as a leading destination for asset management companies in the region. Mr. Amiri added that by attracting firms like Lord Abbett, DIFC strengthens its global position as a leading financial centre, reaffirming its commitment to shape the future of finance.
Out of the 3,644 companies registered with DIFC, the organisation is home to seventeen of the top twenty banks in the world, five of the top ten insurance firms, and five of the leading top ten asset management firms. DIFC also hosts a wide range of leading law and advisory firms from around the world.