PGIM, the asset management arm of US-based Prudential Financial Inc., has announced plans to move into the Middle East, though has not specified which country their office will be in.
The firm, which has more than US$1.3 trillion in assets under management, has appointed Mohammed Abdulmaleek to lead the expansion.
Abdulmaleek will initially serve as a senior adviser and head of PGIM’s Middle East council, a body made up of PGIM’s client teams in the region and designed to advise on the expansion plans.
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Assuming he gains the necessary regulatory approvals, Abdulmaleek will be named as head of the Middle East.
In a 30-year career, Abdulmaleek has worked for JP Morgan Chase, UBS Asset Management and Deutsche Bank Asset Management. He was most recently running his own private advisory business.
Despite its 150-year history, this is the first time that PGIM has established a physical presence in the Middle East.
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According to the firm, the move is designed to “deepen its commitment to the Middle East and enhance relationships with institutional and professional clients”.
“PGIM has been investing on behalf of clients across the Middle East for many years and is now looking to establish a meaningful presence in the region to meet clients’ changing needs,” said PGIM president and CEO David Hunt.
“As the Middle East and the Arabian Gulf in particular undergoes economic transformation and fast becomes a component of the global financial ecosystem, Mohammed will play an instrumental role in evolving PGIM’s local offering to support investors in navigating this dynamic environment,” added Hunt.