Global investment management firm IXIS Asset Management has announced plans to expand its UK arm into the Middle East, opening a new regional office in Dubai, in the United Arab Emirates.
The move by IXIS marks the rapid growth of Dubai as an offshore center for financial services firms. Continued growth in the regional economies has meant that many money managing firms feel they need a local presence in the Middle East, and good local business services and infrastructure has made Dubai a favorite location.
Gilles Guerin, president of IXIS Asset Management Global Associates, says, “Today Dubai is recognized as a global business center and is an excellent base for financial service companies looking to expand into the Middle East.”
IXIS are ranked as one of the top ten asset management firms in Europe, with over $513 billion worth of assets currently under management.