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Infrastructure

AMP Capital picks institutional director to lead new Dubai office

Dubai marina fronts the city skyline

Sudhanshu Garg was named institutional director for AMP Capital's new representative office in Dubai.

The position is new, and Mr. Garg is responsible for introducing the firm's real assets capabilities to clients across the Gulf Cooperation Council region. A spokeswoman said he will report to Tim Smith, AMP Capital's New York-based head of distribution for the north west region, which the company defines as Europe, India, the Middle East and the Americas.

A news release by the A$178.9 billion ($141.1 billion) manager said Middle East-based institutional investors were among clients who committed money to its Infrastructure Debt Fund III, which reached a final close in August. The fund exceeded a $2.5 billion hard cap and attracted a further $1.6 billion in commitments. A breakdown of GCC assets was not available.

"As AMP Capital continues its global expansion strategy, it makes sense to have on-the-ground presence in Dubai, which is the gateway to the Middle East and a potential high-growth market for us," said Boe Pahari, director, north west region at AMP Capital, in the release. "AMP Capital has built strong relationships with clients in the GCC over many years and the appointment of (Mr. Garg), with his strong financial services experience and excellent local networks, provides us the opportunity to further cement our presence in this important and fast-growing region."

A separate spokeswoman said executives view the Middle East as a potential high-growth market, and expect to develop a team there in the future. AMP Capital previously had a managing director, Richard Shields, based in the Middle East. He retired in June 2016 after 24 years with the firm, and spent nine years in London and the Middle East where he was instrumental in building the firm's presence, she added.

Mr. Garg most recently managed a consultancy business in Dubai, advising on investment strategy development, structuring and managing external relationships. The spokeswoman said the consulting business has been closed.

Douglas Appell contributed to this story.