Pacific Investment Management Co. opened a Dubai office, becoming the latest major fund manager to deepen its presence in the Middle East.
The Newport Beach, California-based firm, which manages around $2 trillion, secured a license from the Dubai Financial Services Authority on Feb. 12, according to the regulator’s records.
“PIMCO has a long-standing history in the Middle East, having managed assets for investors in the region for more than 20 years,” Robert English, managing director and head of the firm’s Middle East business, said in a statement. The new office “underlines our commitment to clients in this important region, including the growing wealth sector in the UAE.”
Dubai and neighbors such as Abu Dhabi have fast become more serious competitors to financial hubs like London and Hong Kong in recent years. Dubai’s family offices control more than $1 trillion in assets.
Private markets firm Hamilton Lane gained a license to operate in Dubai late last year, joining large asset managers and hedge funds like Millennium Management and Balyasny Asset Management expanding in the region.
