Dubai International Financial Centre (DIFC), has announced Lord Abbett (Middle East) Limited has received approval from the Dubai Financial Services Authority to open a Middle East office.
Citing Lord Abbett's more than 50 years of experience in multi-sector credit and credit research, DIFC notes the manager will join more than 250 wealth and asset managers, which through the jurisdiction collectively oversee more than $450bn of assets and more than 100 significant domiciled funds.
The new office will be focused on delivering relevant investment solutions and to deepen relationships with regional asset owners, DIFC stated.
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."
DIFC said that it hosts 17 of the top 20 banks in the world, 25 of the 30 most key banks globally, five of the top 10 insurance companies, five of the most prominent 10 asset management firms, and many more world-leading law firms and advisory firms.
