Aberdeen Asset Management has established its presence in the Middle East with the opening of an office in Abu Dhabi, the capital of the United Arab Emirates.
The emerging markets specialist is the first global asset manager to register with the Abu Dhabi Global Market (ADGM).
Aberdeen has the capabilities to manage Sharia-compliant portfolios and expects to see local demand for direct property, Islamic equities, multi asset income, Indian bonds and emerging market debt products.
The group’s former head of group strategy, Andrew Paul, has been appointed senior executive officer, Aberdeen Asset Management Middle East. Gordon Neilly, who was hired as Aberdeen’s global head of strategy in June when he joined from Cantor Fitzgerald Europe, has assumed Paul’s role under his remit. Neilly reports to chief executive Martin Gilbert and is responsible for developing the group’s long-term strategy.
Lucy Draper, who has covered the international markets at Aberdeen for nine years, has been appointed senior business development manager, Aberdeen Asset Management Middle East. Both have relocated to the Middle East and will continue to report to Nigel Norman, head of Middle East & Africa at Aberdeen.
Martin Gilbert, chief executive of Aberdeen, says: “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.”