Fidelity International, a leading provider of investment funds and services, has today announced plans for a substantial expansion of its operations in the United Arab Emirates.
Building on an established presence in Dubai, Fidelity International will now make available more than 100 mutual funds to investors in the region through alliances with local distributors.
The expansion of Fidelity’s operations in the UAE will give investors access to Fidelity portfolios spanning the full range of asset classes - from US Treasury bonds to Chinese and Indian equities.
To lead this expansion, Fidelity has recruited Cormac Sheedy, formerly associate director, Middle East with Invesco Perpetual, to head the sales operation in the region.
In order to bolster its sales and support business in Dubai, Fidelity is negotiating distribution agreements with local banks. Such arrangements are already in place with Citibank and ABN Amro and Fidelity has plans for many more such partnerships.
“Combining the global reach of its investment network with a local presence on the ground is typical of Fidelity’s approach to international expansion”, says Richard Wastcoat, the managing director with overall responsibility for the UAE operation.
Mr Wastcoat comments: “Fidelity International has had offices in Dubai for more than five years. Over that period, the region has undergone a transformation and the UAE is clearly on the road to establishing itself as an important financial and commercial centre.
“Fidelity believes this is an opportune moment to expand its local operations to cater for the growing demand for high-quality funds as local investors become more interested in global diversification, as well as to support the efforts of our distributors.”
Mr Wastcoat added that Fidelity International already has significant investments in the region, with $757 million of client money invested in local businesses .
