Wells Fargo Asset Management managing director Ludger Peters, who is based in San Francisco, told International Adviser that the established teams in London, Hong Kong and Tokyo are being joined by a “a new Dubai team” in the DIFC.
The people who will be based there as part of the asset management operation have not been named yet, as they are going through the necessary regulatory approvals.
Previously the region was covered from Europe, “but now we have taken a step up, you could say, but it’s not like we are new to the region”, he said.
“We’ve been covering the Middle East for a long time. It’s obviously a very important market for asset managers and it is dominated by some wealth funds that are important clients of ours.”
Wells Fargo already has a presence in the DIFC, but to date it has specifically focused on the banking side.
Two other American asset managers have recently announced plans for the Middle East, namely Lazard Asset Management, which has poached ING executives to do so, and First State Investments, which plans to open a Dubai office by the end of June this year.
