Fund of hedge fund manager Permal has announced that it has become the first alternative asset manager to be licensed by the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
The Dubai office is set to open in late August and will be run by Ahmed Nashaat, Permal Senior Vice President.
Established in 1973, the Permal Group provides advisory, management and monitoring services with over $20 billion in assets. In addition to the new Dubai office, the group has offices in New York, London, and Singapore.
"With over thirty years experience working with Middle Eastern investors, we are always looking at new ways to improve our services. The DIFC allows us to work closely with the Middle East market, within a secure regulatory environment, and enhances our regional distribution network," commented Ahmed Nashaat.
“Dubai also has the additional advantage of bridging the international time-gap between Singapore and London," he observed.
Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority noted that:
“Permal was an early and vocal advocate of the DIFC concept. Prior to our launch Permal had identified DIFC as an obvious venue for it to develop its multi-manager hedge fund business in the Middle East and I am delighted that Permal is now a licensed firm within the DIFC.
Dr Sulaiman added:
"There has always been a terrific opportunity for the fund management industry in the Middle East where liquidity is so high but until now there has been no credibly regulated hub for such firms to operate from. I am pleased to welcome Permal to the DIFC and I wish Ahmed and his team the very best of luck in what I am sure will be a very successful venture.”
The Dubai International Financial Centre was launched in September 2004 and has already seen over sixty companies licensed to operate from the centre; these include Merrill Lynch, Credit Suisse, Barclays Capital, and Standard Chartered & AIG.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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