Allianz Global Investors has opened a regional office in Bahrain to serve the growing Middle East market.
The office will be headed by Sami Zghal, who has taken on the new role of chief representative and head of business development for the Middle East & North Africa. Zghal was previously based in the firm’s Paris office.
Allianz has also launched two Shari’ah-compliant equity funds designed for investors in the region. The Allianz RCM Islamic Global Emerging Markets Equity fund and the Allianz RCM Islamic Global Equity Opportunities fund have been seeded with $50m apiece to ensure they reach critical mass quickly. The new funds are based on two strategies already offered by the firm: the Allianz RCM Global Emerging Markets Equity fund and the RCM Global Equity Unconstrained Shari’ah strategy.
Domiciled in Luxembourg, the emerging markets fund is managed by Dilek Capanoglu, while the global equity fund is managed by Paul Schofield. Both funds have a minimum investment of $1,000.
Nick Smith, head of fund distribution at Allianz Global Investors (UK), said: “We are very excited to be opening an office in Bahrain as well as launching two Shari’ah-compliant funds, specifically designed for clients in the Middle East. We are very committed to building a long-term business in the region by offering the best of our global asset management capabilities together with a very high level of local service.”
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