Pacific Investment Management Co., a U.S. investment firm and one of the world’s largest bond investors, has opened an office in Dubai, becoming the latest major fund manager to deepen its presence in the Middle East. The Newport Beach, Calif.-based firm, which manages about $2 trillion, received a license from Dubai’s Financial Services Authority on Wednesday, according to regulatory filings, reported by Bloomberg.
Growing Financial Sector in UAE
Robert English, managing director and head of the firm’s Middle East business, said in a statement that Pimco has a long history in the Middle East, managing assets for investors in the region for more than 20 years. PIMCO’s new office underscores its commitment to clients in this important region, including the growing wealth sector in the UAE, Robert English added.
In recent years, Dubai and neighbors like Abu Dhabi have quickly become more serious competitors to financial centers like London and Hong Kong, leveraging the UAE’s tax-free status, favorable time zones and deep sovereign wealth funds. Family offices in Dubai control more than $1 trillion in assets.
Asset managers flock to Dubai
Pennsylvania-based private markets firm Hamilton Lane Inc., which manages and oversees nearly $950 billion, received a license to operate in Dubai late last year from Dubai’s Financial Services Authority. The firm’s chief financial officer, Jeffrey Armbrister, is among the executives listed as senior managers of the unit.
It joins major asset managers and hedge funds such as Millennium Management and Balyasny Asset Management that are expanding their operations in the region. The influx of some of the world’s largest asset managers and hedge funds has boosted the industry’s workforce in Dubai to more than 1,000 people.