Lazard Asset Management has been granted a licence to open a representative office in Bahrain.
The firm has managed mandates for Gulf region investors for several years but this is its first permanent physical presence in the Middle East.
From the new office, Lazard Asset Management will provide asset management advice to clients located in Bahrain and the wider GCC, including both conventional and Shari’ah-compliant products and services.
Edward Remington-Hobbs, director of client service & business development for the Middle East, will manage the Bahrain operation. He will report to Bill Smith, head of Lazard Asset Management's London office.
Smith commented: “It has been our intention for some time to establish a presence in the region. We have been delighted with the relationships we have built with many investors in the Middle East. Our new Bahrain office gives us the opportunity to develop these relationships further.”
Meanwhile, Bank of New York Mellon has secured a licence to operate from the Dubai International Finance Centre. The securities servicing and asset management group already has a considerable presence in the Middle East, with representative offices in Abu Dhabi, Beirut and Cairo. It says the new office will allow it to further expand its business and provide better support to its network of offices in the region.
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