Asset management firm Lord Abbett to open its first Middle East office at DIFC

US-based asset manager Lord Abbett has received approval from the Dubai Financial Services Authority (DFSA) to operate its first Middle East office from Dubai International Financial Centre (DIFC).

According to state news agency, WAM, the DFSA approval will enable the company to bring its investment and client-led proposition to the region’s investment community.

The company will use its local 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 the hub. These firms jointly oversee more than $450bn of assets under management and over 100 significant domiciled funds.

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 is said to host 17 of the top 20 banks in the world, 25 of the 30 most key banks globally, five of the top ten insurance companies and five of the most prominent ten asset management firms among others.

In recent news, DIFC launched the region’s first open finance lab. The initiative, a six-month programme, commenced on June 28.

Read: Dubai’s DIFC launches region’s first open finance lab