Lord, Abbett & Co., a Jersey City, New Jersey-based investment firm founded in 1929, has opened an office in Dubai, in what it says will serve as a regional hub for its growing international business.
The office will be located in the Dubai International Financial Centre (DIFC), pictured above, according to a statement on the DIFC's website.
The DIFC, which also serves as a regulator of the businesses that operate within its plate glass, steel and masonry walls, said it had recently approved Lord, Abbett (Middle East) Ltd. "to operate as an asset manager" in the jurisdiction, thus enabling it "to bring its investment and client-led proposition to the Middle East investment community."
The DIFC is a special economic zone in Dubai, which currently serves as a base of operations for more than 250 financial services companies that have a combined total of more than US$450 billion under management, , according to the DIFC statement.
The statement quotes Lord, Abbett senior executive officer James Savastano, who is the based in Dubai and heads up the company's MEA operations, as saying Lord, Abbett was "delighted to launch our MEA business within DIFC," and noted that it would "allow us to serve our regional client base even better by operating closer to them, while also bringing the full breadth of Lord, Abbett’s investment capabilities to the Middle East market.”
Lord, Abbett also has outposts in Dublin, London, Paris, Zurich, Montevideo and Tokyo.
Last month, the DIFC said it was experiencing "unparalleled demand" from U.S. companies interested in opening offices in its facilities, in the wake of a visit to New York and San Francisco by a senior delegation of its officials.
According to DIFC governor Essa Kazim U.S. companies had been present in the DIFC since it opened its doors in 2004, and currently account for around 9% of the center's financial services occupants. Among the U.S. companies that have offices there, according to the DIFC, are Millennium Management, Franklin Templeton, Bank of America Merrill Lynch, Kohlberg Kravis Roberts & Co., Goldman Sachs, JP Morgan Chase, and such U.S.-based law firms Latham & Watkins and White & Case.