Pacific Investment Management Co. Expands in Middle East with Dubai Office
Pacific Investment Management Co. (Pimco) has established a presence in Dubai, reinforcing the growing significance of the Middle East as a financial hub. This expansion follows a license granted by the Dubai Financial Services Authority.
"Pimco has a significant history in the Middle East, managing assets for regional investors for over two decades," said Robert English, Managing Director and Head of Pimco's Middle East business. "Our new office reflects our commitment to clients in this vital region, particularly the burgeoning wealth sector in the UAE."
Dubai and neighboring Abu Dhabi have emerged as formidable challengers to established financial centers like London and Hong Kong. Family offices in Dubai manage over $1 trillion in assets.
Pimco's expansion into the region joins a growing list of major asset managers and hedge funds, including Hamilton Lane Inc., Millennium Management, and Balyasny Asset Management.