Pacific Investment Management Co. (PIMCO), a leading global investment firm has inaugurated a new office in Dubai. This move signifies the US asset manager's strategic effort to strengthen its presence in the Middle East.
The asset manager, which has around $2 trillion in assets under management, secured a licence from the Dubai Financial Services Authority (DFSA) according to regulatory records on the 12th February. Bloomberg quoted PIMCO’s Middle East head Robert English confirming the move.
“PIMCO has a long-standing history in the Middle East, having managed assets for investors in the region for more than 20 years,” said English.
PIMCO joins a growing number of asset managers seeking to expand their local presence in the region which has established itself as a wealth management centre.
