Barclays Global Investors (BGI), one of the world’s largest asset managers, has opened an office in the United Arab Emirates’ Dubai International Finance Centre. The office, which is co-located with Barclays Wealth and Barclays Capital, will help lead the continued growth of BGI’s relationships with clients and third parties in the region by providing investment banking and investment management solutions.
Barclays Bank has operated in the region for over 30 years, while BGI has been active in the region since 1998 and currently has Assets Under Management (AUM) of US$ 28 billion in the Middle East. The new office will principally address the growing needs of the region’s institutions - including Government sponsored pension and social security funds, Sovereign Wealth Funds (SWFs), Central Banks and High Net Worth individuals and families. Through its hub in Dubai, BGI will be able to bring its wide range of asset management skills to the Gulf States and the wider Middle Eastern region.
David Semaya, Chief Executive, Barclays Global Investors Europe & Asia (ex-Japan), said: “The new office is a strategic development for BGI’s Middle Eastern business relationships. We are seeing investors in the region becoming more demanding in their investment strategies. BGI’s global expertise in a wide range of asset classes and investment strategies can provide the quality and diversification which these investors value most.”
A team of five focuses on the region, with further growth already planned. The team includes specialists in money market funds and in iShares, BGI’s world leading Exchange Traded Funds (ETFs), as well as in institutional services and products.
In recognition of the needs of its growing client base in the Middle East, Barclays has recently appointed Roger Jenkins as Chairman of Investment Banking and Investment Management (IBIM) for the Middle East, also creating a Sovereign Wealth Fund unit within IBIM. Gay Huey Evans has also recently been appointed Vice-Chair of IBIM. Her brief is to coordinate activities across IBIM to ensure that SWF clients benefit fully from the breadth and depth of products and services that Barclays provides.
BGI will work closely with Barclays Wealth and Barclays Capital in the region “It is important that we have a well co-ordinated approach to deepen our already strong relationships in the Middle East” said Roger Jenkins, commenting on the opening of BGI’s Dubai office. “BGI’s wide range of institutional-quality funds offers an attractive proposition for the many types of investor in the region. “
“We have been providing primarily bespoke investment solutions for a number of clients in the region since 1998. State-sponsored pension plans in the region are now growing rapidly, and BGI’s experience in managing assets for some of the largest pension funds and institutions globally will now be available locally” said Graham Elliot, BGI’s Head of Middle East, who is based in the area.
The Firm takes a scientific quantitative approach to investing and focuses on Total Performance Management of risk, return and cost. BGI’s funds include hedge funds and fund of funds as well as index and active equities and bonds funds. BGI also offers a range of optimally diversified multi-asset funds and solutions. BGI’s cash products offer a range of strategies, from same day liquidity to enhanced cash for longer term investments. Services such as transition management are also available.
BGI’s iShares, including its three recently launched Sharia’ah compliant funds, will primarily address the retail market. Islamic finance is a $400bn industry, growing at a rate of over 15% per annum (Source: Dubai International Finance Centre).
Barclays Global Investors is the world's largest asset manager(1) and a leading global provider of investment management products and services. It had over 2,900 institutional clients in 52 countries around the world and over $2.0 trillion of assets under management as of December 31 2007. It transformed the investment industry by creating the first index strategy in 1971 and the first quantitative active strategy in 1979. BGI is the global product leader in Exchange Traded Funds (ETFs) through its iShares® brand with over 320 ETFs globally and over $400bn in AUM as at December 31 2007.
For further information about Barclays Global Investors, please visit our website www.barclaysglobal.com.
