Wells Fargo Asset Management has established a team in Dubai to strengthen its presence in the Middle East region.
The Dubai team aims to grow the firm’s asset management business by offering a series of foreign funds, particularly targeting Persian Gulf sovereign-wealth funds.
Shoar Hassan, senior executive officer and regional manager for Middle East and North Africa, was quoted by Bloomberg saying, "We are keeping our focus on banks and investment banks, and also plan to target sovereign-wealth funds in the UAE and Qatar."
The names of the people who are appointed to the team were not revealed as they are going through the necessary regulatory approvals.
Recently, the firm has opened an office in the Dubai International Financial Centre to offer services including capital markets, asset management, foreign exchange and derivatives.