Mohammed Abdulmalek was named senior adviser and chair of money manager PGIM’s Middle East council, tasked with evaluating and advising on the firm’s expansion into the region.
Any expansion for the $1.3 trillion manager is subject to regulatory approvals. Once the appropriate regulatory permissions are granted, Abdulmalek will become head of the Middle East, a news release said.
The council comprises PGIM’s client teams that are active in the Middle East. A spokesperson confirmed that PGIM currently has no offices or on-the-ground presence in the region, but that it has been active with clients there for years. The strategic expansion aims to deepen PGIM’s commitment to the region and enhance relationships with institutional and professional clients, the news release said.
“PGIM has been investing on behalf of clients across the Middle East for many years and is now looking to establish a meaningful presence in the region to meet clients’ changing needs,” said David Hunt, CEO and president, in the release. “As the Middle East, and the Arabian Gulf in particular, undergoes economic transformation and fast becomes a key component of the global financial ecosystem, Mohammed will play an instrumental role in evolving PGIM’s local offering to support investors in navigating this dynamic environment.”
PGIM’s does not split out its Middle East assets under management, the spokesperson added.
In February, Eric Adler, president and CEO of PGIM Private Alternatives, indicated that the wider firm was looking at the Middle East for future growth.
Abdulmalek most recently ran his own private advisory practice, as well as sitting on a number of boards. He has worked in investment banking in the region, and his roles also have included managing director of alternative investments for the Middle East at Deutsche Bank Asset Management.
