Prudential Financial‘s $1.3trn global investment management division, PGIM, plans to branch out into the Middle East, subject to regulatory authorisation.

Mohammed Abdulmalek, senior adviser, and head of PGIM’s Middle East council, has been appointed to lead the regional expansion. The council was formed to review and advise on the expansion strategy, and it is made up of PGIM’s client teams with Middle Eastern operations.

Abdulmalek will become the Middle East’s head after he has received the necessary regulatory approval.

With this plan of action, PGIM hopes to strengthen its ties with corporate and professional clients in the Middle East and establish its first branch office in the area.

PGIM, which has been actively managing investments for almost 150 years, provides client advisory services and investment strategies for both public and private markets.

Because of its multi-manager approach, PGIM is able to offer a wide range of public bond and equity products, as well as private alternatives like real estate debt and equity, private credit, private equity secondaries, and agribusiness, all with a focus on risk management.

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Abdulmalek served in a number of managerial positions at JPMorgan Chase, UBS Asset Management, and Deutsche Bank Asset Management over his three decades of expertise in asset management and investment banking in the Middle East.

He formerly owned and operated his own private advising business, helping family offices and well-known local institutions manage their investment portfolios.

PGIM president and CEO David Hunt shared: “PGIM has been investing on behalf of clients across the Middle East for many years and is now looking to establish a meaningful presence in the region to meet clients’ changing needs.

“As the Middle East, and the Arabian Gulf in particular, undergoes economic transformation and fast becomes a key component of the global financial ecosystem, Mohammed will play an instrumental role in evolving PGIM’s local offering to support investors in navigating this dynamic environment.”