US-based Lord Abbett to open 1st Middle East branch at DIFC

US-based Lord Abbett to open 1st Middle East branch at DIFC

UAE - Mubasher: Lord Abbett, a US-based investment management company, has received approval from the Dubai Financial Services Authority (DFSA) to operate its first office in the Middle East in Dubai International Financial Centre (DIFC).

This step will enable Lord Abbett, which has over 50 years of experience in multi-sector credit investment, to expand its investment solutions to the Middle East and strengthen its relationships with regional asset owners, according to a press release on Monday.

The company joins more than 250 wealth and asset managers at DIFC, the region’s largest wealth and asset management hub.

The Senior Executive Officer and Head of MEA at Lord Abbett, James Savastano, said: "This strategic hub will allow us to serve our regional client base even better by operating closer to them, while also bringing the full breadth of Lord Abbett’s investment capabilities to the Middle East market."

Meanwhile, the CEO of DIFC Authority, Arif Amiri, commented: "DIFC continues to strengthen its global position as one of the world's leading financial centres by attracting firms like Lord Abbett who are bringing their legacy experience as well as commitment to help us shape the future of finance."