PGIM, the $1.3 trillion global investment management business of Prudential Financial, will expand into the Middle East, subject to regulatory approvals.

To lead its regional expansion, PGIM has appointed Mohammed Abdulmalek as senior advisor and chairman of PGIM’s Middle East council, it said in a statement today (23 April).

The council has been established to evaluate and advise on the expansion initiative and comprises PGIM’s client teams active in the Middle East. On receipt of appropriate regulatory permissions, Abdulmalek will take on the role of head of the Middle East.

This strategic expansion will be PGIM’s first on-the-ground presence in the region as it aims to deepen its commitment to the Middle East and enhance relationships with institutional and professional clients.

With a nearly 150-year history of active management, PGIM offers investment strategies and client advisory services across private and public markets. Its multi-manager model means PGIM "has deep asset class expertise and risk management discipline across public fixed income and equity, as well as private alternatives including real estate debt and equity, private credit, private equity secondaries, and agriculture", the statement said.

With 30 years of experience in asset management and investment banking in the Middle East, Abdulmalek has held various senior management positions at J.P. Morgan Chase, UBS Asset Management, and Deutsche Bank Asset Management.

Most recently, he ran his own private advisory practice assisting prominent regional institutions and family offices in optimizing their investment portfolios.

PGIM President and CEO David Hunt said: “PGIM has been investing on behalf of clients across the Middle East for many years and is now looking to establish a meaningful presence in the region to meet clients’ changing needs.

“As the Middle East, and the Arabian Gulf in particular, undergoes economic transformation and fast becomes a key component of the global financial ecosystem, Mohammed will play an instrumental role in evolving PGIM’s local offering to support investors in navigating this dynamic environment.”

Abdulmalek added: “With the region undergoing significant economic changes, PGIM is well-positioned to offer tailored investment solutions that align with the evolving needs of investors. I look forward to contributing to PGIM’s growth in this dynamic market.”

Abdulmalek began his career in 1993 with J.P. Morgan Chase, where he stayed for close to 10 years holding various positions including head of Islamic Banking Group and head of MENA Financial Institutions Group. He then moved as a managing director at Lend Lease to establish and lead their regional business development in the MENA region. He later became the executive director and head of the GCC business development team of UBS Global Asset Management. Before moving into regional banking in 2008, Mohammed was the managing director of Alternative Investments for the Middle East at Deutsche Bank Asset Management.

In the Middle East, Abdulmalek has successfully worked on establishing, managing, restructuring and merging a number of regional institutions. During that period, he assumed the role of CEO at Capivest Investment Bank through which he led merging the operations of three investment banks in the region’s first M&A transaction involving three banking institutions.

The result of this merger was the formation of Ibdar Bank in Bahrain where he assumed the role of interim CEO before moving back to his private business and advisory work. Currently, in addition to sitting on a number of boards, Abdulmalek advises several key family groups in the region on restructuring and managing their international investment portfolios and strategic projects.

PGIM, the global asset management business of Prudential Financial, has offices in 18 countries.