Principal Global expands into Middle East

DubaiPrincipal Global Investors is expanding into the Middle East by opening an office in Dubai to serve institutional investors, pension plans and sovereign wealth funds in the region. The firm is appointing Wassim Nasrallah as its Middle East head. He joins from Gottex Fund Management, where he was responsible for business development and marketing in the Middle East. The firm is the latest in a series of asset managers to open offices in the Middle East. The key clients in the region are sovereign wealth funds, of which there are between ten and 15 depending on how they are defined. These organisations have billions to invest but there is intense competition between international players to serve them. Principal Global Investors manages $231 billion, principally for institutional clients, and is part of Principal Financial Group. Jim McCaughan, chief executive officer of Principal Global Investors, said: “The establishment of a Principal office in Dubai marks the continued expansion of our global footprint.” ©2011 funds europe

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