DUBAI, 18th July, 2022 (WAM) -- Dubai International Financial Centre (DIFC) today announced 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 the company 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 company will use its DIFC presence to deliver relevant investment solutions and deepen relationships with regional asset owners.
Lord Abbett joins more than 250 leading wealth and asset managers at DIFC, the region's largest Wealth and Asset Management hub. Collectively, these firms oversee more than US$450 billion of assets under management and over 100 significant domiciled funds.
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. With an independent and internationally recognised common law system, combined with a robust and dynamic regulatory environment, DIFC provides an attractive jurisdiction for wealth and asset management firms.
James Savastano, Senior Executive Officer and Head of MEA at Lord Abbett, said, "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."
Arif Amiri, CEO of DIFC Authority, said, "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 Middle East, Africa and South Asia 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 centres by attracting firms like Lord Abbett who are bringing their legacy experience as well as commitment to help us shape the future of finance."
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.