The $ 402 billion UK-listed asset manager announced in a statement on November 16 that its regional hub will be based in Abu Dhabi Global Market, the finance centre of Abu Dhabi. Aberdeen said it had become the first international asset manager to be registered with the ADGM.
Martin Gilbert, chief executive described the move as a “natural next step” with the fund manager having worked in the region for over 20 years.
The UK firm is moving its head of group strategy for distribution, Andrew Paul, and Lucy Draper, a business development manager who has covered international markets for seven years, from London to staff the new Abu Dhabi office.
Paul has been named senior executive officer, Aberdeen Asset Management Middle East with Draper assuming the title of senior business development manager, Middle East and Africa.
Aberdeen said they would both continue to report to Nigel Norman, head of Middle East and Africa, who is based in London.
In this morning’s statement, Gilbert said: “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.”
Ahmed Al Sayegh, chairman of Abu Dhabi Global Market, said: “Aberdeen’s presence is a strong vote of confidence for ADGM as well as highlighting the importance and growth of this region.”
Aberdeen said it expected demand in the Middle East and North Africa region to be highest for its direct property, Islamic equities, multi-asset income, Indian bonds and emerging market debt products.
Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM, added: “We are pleased to support Aberdeen’s global aspiration with Abu Dhabi as its platform into the Mena region.”