Mellon Global Investments Awarded Licence to Operate from DIFCPress Release14 Feb 2005 11:52 am
Mellon Global Investments Limited, the international distribution subsidiary of Mellon Financial Corporation, has announced the expansion of its asset management business and the opening of an office in DIFC.
Mellon has been active in the Middle East for many years and its asset managers and affiliate companies are responsible for in excess of $5 billion in the region. Nigel Sillitoe, Director of Business Development for the Middle East, will be tasked with further growing Mellon's asset management business, leading the business development effort representing Mellon’s asset management subsidiaries with institutional investors, corporations and banks.
The opening of the office is a significant commitment from Mellon Global Investments to the development of its business in the Middle East, and follows the granting of a licence from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
Commenting on the new opening, Jon Little, chief executive officer of Mellon Global Investments, said:
“Mellon already manages over US$5bn for investors in the Middle East and we expect this move to bring further expansion of our business.
“Over the last three years we have introduced Mellon’s management capabilities to Europe, Australia and Japan and we are enthusiastic about our prospects for greater success in the Middle East. Our research shows that Middle Eastern investors recognise the importance of diversification and are increasingly interested in high quality global investment skills. With Mellon they will find a broad array of best in class boutique investment managers.”
“We are thrilled that Mellon Global Investments is licenced by the DFSA to operate from the DIFC,” said Dr. Omar Bin Sulaiman, Director General of DIFC. “Mellon is, without doubt, one of the leading and most well respected names in global financial services and its decision to base its Middle East operations at the DIFC is a ringing endorsement of the centre and our goal to become the de facto hub for financial services in the region.”