Permal, The $20 Billion Multi-Manager Hedge Fund Manager, Gains DIFC LicensePress Release25 Jul 2005 12:51 pm
Permal, has today announced that it is the first pure play alternative asset manager to be licensed from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC). The Dubai office is set to open in late August and will be run by Ahmed Nashaat, Permal Senior Vice President.
Permal is the world’s most established fund of hedge fund manager with a track record of more than thirty years. Today the business is amongst the largest funds of hedge funds. Permal has offices in New York, London and Singapore and now Dubai.
The Dubai International Financial Centre was launched in September 2004 and has already seen over sixty companies licensed to operate from the centre; these include Merrill Lynch, Credit Suisse, Barclays Capital, and Standard Chartered & AIG.
Ahmed Nashaat commented:
“With over thirty year experience working with Middle Eastern investors, we are always looking at new ways to improve our services. The DIFC allows us to work closely with the Middle East market, within a secure regulatory environment, and enhances our regional distribution network.
“Dubai also has the additional advantage of bridging the international time-gap between Singapore and London.”
Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority said:
“Permal was an early and vocal advocate of the DIFC concept. Prior to our launch Permal had identified DIFC as an obvious venue for it to develop its multi-manager hedge fund business in the Middle East and I am delighted that Permal is now a licensed firm within the DIFC.
“There has always been a terrific opportunity for the fund management industry in the Middle East where liquidity is so high but until now there has been no credibly regulated hub for such firms to operate from. I am pleased to welcome Permal to the DIFC and I wish Ahmed and his team the very best of luck in what I am sure will be a very successful venture.”