Dubai has claimed to be the largest asset management domicile in the Mena region after its financial hub, the Dubai International Financial Centre (DIFC), reported a 6% growth in registrations.
According to the DIFC, the centre now has more than 200 registered wealth and asset managers, including 13 of the top 25 global firms. It is also home to more than 60 “significant” funds, more than double the number (25) it had in 2017.
The latest manager to move into the DIFC was Fidelity International which registered as FIL Distributors International and was awarded a licence by the centre’s regulatory authority earlier this month. The authority has also registered China’s Everbright Group and US-based State Street Global Advisors this year.
The DIFC is currently halfway through a ten-year plan to treble the number of registered firms and assets under management by 2024.
In March, the DIFC enacted two new laws, the Trust Law and Foundations Law, which are designed to create a regime more in line with international best practice for investment trusts and private wealth management funds respectively.
©2018 funds global mena