British investment manager Ashmore Group is reportedly planning to open a new office in Riyadh to expand its presence into the Middle East.
Additionally, Ashmore has hired John Sfakianakis to oversee its expansion into the Middle East, reported Bloomberg.
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In his new role, Sfakianakis will serve as the director for the six-nation Gulf Cooperation Council, which includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.
In April this year, Ashmore had received a license to set up its Saudi Arabian office.
Prior to joining Ashmore, Sfakianakis served as chief investment strategist at Riyadh-based Investment Company MASIC and chief economic adviser at Saudi Arabia’s Ministry of Finance.
The publication reported that Saudi Arabia is planning to open up its $585 billion stock exchange to foreign investors in the first half of 2015 following an increase in investor demand in the nation.
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By GlobalDataThe company said: "This backdrop provides the potential for Ashmore to build and grow a meaningful independent asset management business."
