Among the 3,644 registered companies, DIFC hosts 17 of the world's top 20 banks. Image Credit: Anas Thacharpadikkal/Gulf News

Dubai: US-based private investment firm Lord Abbett has received approval from the DFSA to operate its first and only Middle East office, said Dubai International Financial Centre (DIFC) in a statement.

The approval will allow Lord Abbett to bring its investment and client-led proposition to the Middle East investment community. “The firm will use its DIFC presence to deliver relevant investment solutions and deepen relationships with regional asset owners,” said the free zone operator.

Lord Abbett joins more than 250 leading wealth and asset managers at DIFC, the region’s largest wealth and asset management hub. Collectively, these firms oversee more than $450 billion of assets under management and over 100 significant domiciled funds.

“This strategic hub will allow us to serve our regional client base even better by operating closer to them, while also bringing the full breadth of Lord Abbett’s investment capabilities to the Middle East market,” said James Savastano, Senior Executive Officer, and Head of MEA at Lord Abbett.

Among the 3,644 registered companies, DIFC hosts 17 of the top 20 banks in the world, 25 of the 30 most key banks globally, five of the top 10 insurance companies, five of the most prominent 10 asset management firms, and many more world-leading law firms and advisory firms.

“The opening of Lord Abbett’s first and only Middle East office at DIFC reflects our reputation and reaffirms the opportunity for asset management companies in the region. DIFC continues to strengthen its global position as one of the world’s leading financial centres by attracting firms like Lord Abbett who are bringing their legacy experience as well as commitment to help us shape the future of finance,” said Arif Amiri, CEO of DIFC Authority.