Principal Global Investors Opens Dubai OfficePress Release31 Oct 2011 02:13 pm
Wassim Nasrallah Appointed Managing Director, Head of Middle East
Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group® (NYSE:PFG), today announces its expansion into the Middle East with the appointment of Wassim Nasrallah as managing director, head of Middle East. Nasrallah will be based in Dubai, at a newly established office location for Principal Global Investors.
Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC Authority, welcomed the opening of Principal Global Investors office. He said: “The UAE and the United States have long enjoyed strong commercial ties and many American companies have used Dubai as a base to expand into the region. Principal Global Investors joins a growing community of asset managers and other financial services providers in DIFC which has succeeded in establishing a secure and efficient platform to reach into and out of the emerging markets of the region.”
The move allows Principal Global Investors to serve institutional investors, pension plan sponsors and sovereign wealth fund clients in the Middle East and North Africa. Nasrallah will be responsible for overseeing the firm’s business development and marketing efforts in these regions. He will report to Andrea Muller, managing director and chief executive at Principal Global Investors East Asia.
“The establishment of a Principal Global Investors office in Dubai marks the continued expansion of our global footprint,” said Jim McCaughan, CEO of Principal Global Investors. “Through Wassim’s leadership and experience, we look forward to offering the unique benefits of our multi-boutique investment model to clients in the Middle East and North Africa.”
Nasrallah, who has 17 years of industry experience, most recently served as managing director at Gottex Fund Management, where he was responsible for business development and marketing in the Middle East. He has earned a Masters in Business Administration from George Washington University.
“Principal Global Investors’ multi-boutique investment model and diversified distribution channels are a natural fit for institutional clients in the Middle East and North Africa,” said Nasrallah. “I look forward to introducing investors in these regions to Principal Global Investors’ leading global asset management capabilities.”