Geneva-based Pictet Asset Management, a subsidiary of the Pictet Group, has opened a new office in Dubai International Financial Centre (DIFC).
Pictet Asset Management head of Middle East & Africa, Central Asia and Frontier Markets Francesco Genovese said that the expansion indicates the firm’s strong growth in the region.
“Managing assets for institutional clients is our exclusive focus and we bring this formidable experience to DIFC. We currently manage US$159 billion in assets, invested in equity and bond markets worldwide. We have 17 business development centres globally and our office at DIFC will further bolster this growth through providing new opportunities for expansion,” Genovese said.
The asset manager has been catering to institutional clients across the UAE since 2007. Pictet Group includes 26 representative offices, subsidiaries and branches in financial centres worldwide, and custodian banks in Geneva, Luxembourg, London, Frankfurt, Madrid, Paris, Nassau, Hong Kong as well as Singapore.
DIFC Authority CEO Arif Amiri added: “This marks another step in the Centre’s 2024 growth strategy to develop the financial hub as a destination of choice for asset management services across the entire Middle East, Africa and South Asian region, the fastest growing in the world.
“DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, and it enables investors to tap into key emerging markets.”