AllianceBernstein (AB), which has $700bn in assets under management, today (4 July) announced that it has been granted a Category 4 Licence from the Dubai Financial Services Authority (DFSA) to run its new office within the DIFC.
The firm has appointed Jean-Paul Hobeika, managing director - Middle East Institutions, as the senior executive officer. The move is part of its strategic plan to expand and strengthen its presence in the Middle East.
Hobeika, who joined in August 2022, will work closely with Eduard van Nes, head of intermediary sales Middle East & Africa, who recently relocated to Dubai.
The new premises will give investors across the region, including institutional clients, distribution partners and family offices, increased access to its asset management services, the statement further said.
Willem van Gijzen, head of CEMEA Institutions at AllianceBernstein, said: "We are committed to our growth in the region, and this licence allows us to launch into our next phase. The Middle East has been an important region for AB for a number of years. By opening an office in DIFC, we can move into our next phase, as it will allow us to improve our ability to serve clients through proximity as well as capturing important market opportunities."
Jean-Paul Hobeika, senior executive officer, managing director Middle East Institutions at AllianceBernstein, added: "This marks a significant milestone for AB and we are thrilled to bring our extensive expertise and investment solutions to the region's discerning investors.
"As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients. We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region's financial industry. The firm's focus on innovation, expertise and client-centric approach will help it stand out in a highly competitive market and will enable us to build long-lasting relationships with our esteemed clients, partners and the wider community."
Arif Amiri, chief executive officer at DIFC Authority, said: "We welcome global industry giant AB to DIFC as we continue to attract top international financial institutions in line with Strategy 2030. AB's commitment to the region is testament to Dubai's strategic position at the centre of the world, providing the firm with access to USD8 trn of private wealth across the Middle East, Africa and South Asia.
"AB will also benefit from exponential growth opportunities through DIFC's ecosystem of over 300 Wealth and Asset Management firms, an exceptional talent pool of over 36,000 people, combined with unparalleled market-access under a robust regulatory framework."
