Aberdeen Asset Management is to establish an on-the-ground presence in the Middle East through a new office in Abu Dhabi.
The group 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 group said the new office is the natural next step given its significant client base in the region and having been active in the area for over 20 years.
Aberdeen said it also has the expertise to manage Sharia-compliant portfolios. Demand in the MENA (Middle East & North Africa) region is expected to be highest for Aberdeen's direct property, Islamic equities, multi-asset income, Indian bonds and emerging market debt products, the group said.
Andrew Paul has been appointed as senior executive officer, Aberdeen Asset Management Middle East Limited, alongside Lucy Draper, senior business development manager.
Paul joined Aberdeen in 2002 and was most recently head of group strategy in the company's distribution division. Meanwhile, Draper has been at Aberdeen since 2007 and has covered the international markets for seven years. Both have relocated from the firm's London office.
They 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."
