16 November 2016, Abu Dhabi, UAE: Aberdeen Asset Management (Aberdeen) today announces the opening of a new office in Abu Dhabi, the capital of the United Arab Emirates. Aberdeen has chosen to establish its regional hub and first presence in the Middle East region in Abu Dhabi Global Market (ADGM), the international finance centre of Abu Dhabi, on Al Maryah Island. Aberdeen is also the first international asset manager registered with ADGM, setting its base at Abu Dhabi’s financial free zone.
The opening is the natural next step given Aberdeen’s significant client base in the region and having been active in the region for over 20 years.
Aberdeen has one of the most extensive product ranges of any asset manager, covering a full spectrum of strategies across bonds, equities, property, alternatives and quantitative investments. It also has the expertise and experience to manage multi-asset products and Sharia-compliant portfolios. Demand in the MENA region is expected to be highest for Aberdeen’s direct property, Islamic equities, multi asset income, Indian bonds and emerging market debt products.
The opening of the new office sees Andrew Paul appointed as Senior Executive Officer, Aberdeen Asset Management Middle East Limited, alongside Lucy Draper, Senior Business Development Manager. Andrew joined Aberdeen in 2002 and was most recently Head of Group Strategy in the company’s distribution division. Lucy has been at Aberdeen since 2007 and has covered the international markets for seven years. Both have relocated from Aberdeen’s London office.
Andrew and Lucy will continue to report to Nigel Norman, Head of Middle East & Africa at Aberdeen, who is based in London.
Martin Gilbert, Chief Executive of Aberdeen, commented: “The Middle East has been an important market for Aberdeen for many years and the establishment of a local office is the natural next step for us. We already enjoy a good relationship with a number of clients in the region and we believe the economic fundamentals of the region will create opportunities for asset managers over the coming years. We are strong believers in the value of having people on the ground in the markets in which our clients are based. Having Andrew and Lucy in Abu Dhabi will allow us to build on the good work we have already done.”
HE Ahmed Al Sayegh, Chairman of Abu Dhabi Global Market, said: “We warmly welcome the world-renowned Aberdeen Asset Management to the ADGM family of financial institutions and businesses. Aberdeen’s presence is a strong vote of confidence for ADGM as well as highlighting the importance and growth of this region.
Abu Dhabi has been a strategic link and important access for global investors seeking growth opportunities in the region. Our strategic location, world-class business infrastructure, air and telecommunication connectivity have anchored Abu Dhabi as an attractive trading and financial hub. We serve as a major centre for activities in global investment banking, asset management, securities, foreign exchange, wealth management and others. By providing a conducive business environment and well-regulated financial platform, ADGM is able to support further Abu Dhabi’s plans in attracting leading global players, like Aberdeen Asset Management, to bolster its vibrancy and strength as an international financial centre. ADGM will continue to enhance and provide a robust and responsive eco-system to support financial institutions and businesses, both local and international, in unlocking the many opportunities and fulfil their growth ambitions.”
Mr Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said: “Our sincere congratulations to Aberdeen Asset Management on the successful opening of its new office at ADGM. We are pleased to support Aberdeen’s global aspiration with Abu Dhabi as its platform into the MENA region. We look forward to strong collaboration and partnership with Aberdeen."
“As an international financial centre and regulator, ADGM will continue to provide an efficient, transparent and well-regulated platform that enables businesses to be closer to and serve their customers’ needs. We look forward to Aberdeen adding to the offerings and vibrancy of our marketplace.”