UK-based Aberdeen Asset Management (Aberdeen), a leading independent asset management company, has opened its new office at the Abu Dhabi Global Market (ADGM).  

Aberdeen is the first international asset manager registered with ADGM, setting its base at Abu Dhabi’s financial free zone, it said.  

The company 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, said a statement.

The new office will see Andrew Paul take over as senior executive officer for Aberdeen Asset Management Middle East Limited, alongside Lucy Draper, who has been named senior business development manager.

The new office was the natural next step given the company’s significant client base in the region and having been active locally for over 20 years, said Paul.

The demand in the Middle East and North Africa (Mena) region is likely to grow for the company’s direct property, Islamic equities, multi asset income, Indian bonds and emerging market debt products, he added.

Paul joined Aberdeen in 2002 and was most recently head of group strategy in the company’s distribution division, while Draper has been part of the company since 2007 and has covered the international markets for seven years. Both have relocated from Aberdeen’s London office.

Paul and Draper will continue to report to Nigel Norman, head of Middle East and Africa (MEA) at Aberdeen, who is based in London, further added the statement.  

CEO Martin Gilbert said: “The Middle East has been an important market for our company since 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,” he said.

“We are strong believers in the value of having people on the ground in the markets in which our clients are based. Having Paul and Draper in Abu Dhabi will allow us to build on the good work we have already done,” he added.

Welcoming the UK firm, Ahmed Al Sayegh, chairman of ADGM, said: "Aberdeen’s presence is a strong vote of confidence for us as well as highlighting the importance and growth of this region."

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said: “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, our organisation will continue to provide an efficient, transparent and well-regulated platform that enables businesses to be closer to and serve their customers’ needs,” he added. – TradeArabia News Service