The US-based investment management firm, Lord Abbett Middle East Limited has received the approval of the Dubai Financial Services Authority (DFSA) to operate its first and only office in the Middle East, the Dubai International Financial Centre (DIFC).
With this approval, Lord Abbet, who has over 50 years of experience in multi-sector credit investment management and in-depth knowledge of credit research and analytics, will be able to bring its client-driven investment offerings to the investment community in the Middle East.
The company will benefit from its presence in the DIFC to provide appropriate investment solutions and strengthen its relationships with asset owners in the region. She will join more than 250 of the leading wealth and asset management firms in the DIFC; The largest wealth and asset management centre in the region. Together, these companies manage more than $450 billion in assets and more than 100 international funds operating locally.
The strategic location of the DIFC helps wealth and asset managers access emerging wealth in the rapidly growing markets of the Middle East, Asia and South Africa. The centre gives them direct access to institutions and individuals with high net worth who are looking for traditional or alternative investment products. It provides an attractive jurisdiction for wealth and asset management firms, combining an independent and internationally recognized public law system with a strong regulatory environment.
James Savastano, CEO and President of Lord Abbett Middle East and Africa, expressed his happiness to launch the company’s business in the Middle East and Africa from the DIFC, which, thanks to its strategic location, will enable it to better serve its client base in the region by working in close proximity. them, and deploying our full investment energies to serve the Middle East markets.
DIFC CEO Arif Amiri said that the Centre hosts more than 250 wealth and asset management companies, making it the largest and most important Centre for this sector in the Middle East, Africa and South Asia.
He pointed out that the opening of the office of Lord Abbett Company, the first and only in the Middle East reflects the DIFC’s global position as one of the world’s leading financial Centres in attracting companies such as Lord Abbett, who enrich the local markets with their long-standing expertise in the field of asset management while supporting the Emirate’s endeavours to build the future of the finance sector.
The DIFC is home to 3,644 registered companies. They include 17 of the 20 largest banks in the world, 25 of the 30 most important banks in the world, five of the 10 largest insurance companies, five of the top 10 asset management companies, and many of the world’s leading law firms and advisory firms.