Lord Abbet, a US-based investment bank, has opened its first Middle East office in Dubai International Financial Centre (DIFC), which will serve as its regional hub.
The move follows the Dubai Financial Services Authority’s (DFSA) approval of the American firm to operate as an asset manager.
“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,” commented James Savastano, Senior Executive Officer and Head of MEA at Lord Abbett.
Lord Abbett joins more than 250 companies at the region’s wealth and asset management hub in DIFC.
“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,” DIFC chief Arif Amiri said.
He added: “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.”
DIFC hosts 17 of the top 20 banks in the world, 25 of the most key banks globally, insurance companies, asset management firms, and law and advisory firms.
