US asset manager Fidelity to set up in Dubai

Fidelity International, an asset manager based in Boston, will set up an office at the Dubai International Financial Centre, the emirate’s financial free zone, to service its business in the Middle East and South Africa, DIFC said yesterday.

The company was awarded a licence from regulator, the Dubai Financial Services Authority, on July 17, according to the DIFC’s registrar of businesses, and will commence operations shortly.

“Fidelity International is a highly respected asset manager and the latest of the world’s elite financial brands to join this fast-growing sector at DIFC,” Arif Amiri, chief executive of the DIFC Authority, told The National.

“The fact that so many major financial institutions are choosing DIFC as their regional headquarters confirms it is well-regulated, operates to international legal standards, offers modern and efficient infrastructure, and is home to a large and growing financial ecosystem.”

Fidelity International was formed 49 years ago and manages around $430 billion of assets for 2.2 million clients in Asia, the Middle East, Europe and South America. There are around 200 licensed asset management firms operating at DIFC.

Overall, the number of companies setting up in DIFC rose 14 per cent to 2,003 in the first half of 2018 compared to the same period last year.

Under its DIFC 2024 Strategy, the free zone aims to double the number of registered financial firms to 1,000 by 2024 from 362 in 2014.

Major financial institutions that have joined the DIFC this year to date include State Street Global advisers and Berkshire Hathaway Specialty Insurance. Malaysian lender Maybank Islamic has also announced its intention to begin transacting business from DIFC later this year.

Fidelity International could not be reached for comment.