Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, has revealed that Lord Abbett (Middle East) Limited, a leading asset manager, has received approval from the Dubai Financial Services Authority (DFSA) to operate its first and only Middle East office.
The approval will enable Lord Abbett to bring its investment and client-led proposition to the Middle East investment community. Lord Abbett has more than 50 years of experience in multi-sector credit investment and an impressive depth of analytical credit research. The firm will use its DIFC presence to deliver relevant investment solutions and deepen relationships with regional asset owners.
“DIFC is home to more than 250 wealth and asset management firms, making us the largest and most important hub for the sector in the MEASA region. The opening of Lord Abbett’s first and only Middle East office at DIFC reflects our reputation and reaffirms the opportunity for asset management companies in the region. DIFC continues to strengthen its global position as one of the world’s leading financial centers by attracting firms like Lord Abbett who are bringing their legacy experience as well as commitment to help us shape the future of finance.”
DIFC’s strategic position helps wealth and asset managers access emerging wealth across the fast-growing markets across the Middle East, Asia and South Africa region. The Centre provides wealth and asset managers with direct access to institutional and high-net-worth individuals seeking conventional and alternative investment products.
Mr. James Savastano, Senior Executive Officer and Head of MEA at Lord Abbett said that “We are delighted to launch our MEA business within DIFC. This strategic hub will allow us to serve our regional client base even better by operating closer to them, while also bringing the full breadth of Lord Abbett’s investment capabilities to the Middle East market.”
Among the 3,644 registered companies, DIFC hosts 17 of the top 20 banks in the world, 25 of the 30 most key banks globally, five of the top ten insurance companies, five of the most prominent ten asset management firms, and many more world-leading law firms and advisory firms.