Allianz Global Investors Europe, a subsidiary of the asset management arm of Germany's Allianz insurance group, has been licensed by the Central Bank of Bahrain to open an office in Bahrain. This is Allianz's third licence in Bahrain, having already set up Allianz Takaful and Allianz MENA Holding Company, its central office for the region and the sub-continent. "While Allianz Global Investors Europe has already developed a strong client base in the MENA region, it is committed to foster its strategic aspirations through establishing a local presence operating from its regional office in Bahrain," said Sami Zghal, Allianz Global Investors Europe head of business development in Mena. "It is also committed to offering conventional and Shariah-compliant products to reflect the specific demand, needs and culture of the region." CBB licensing and policy director Ahmed Al Bassam said that the demand for wealth management in the region was soaring with a recent report suggesting the Gulf states will have $3.5 trillion to invest between now and 2020. The CBB introduced new regulations on collective investment undertakings last year. "Asset managers in Bahrain can now offer a much more diversified range of CIUs, including hedge funds, derivatives and other alternative investment vehicles," Mr Al Bassam said. Allianz Global Investors is one of the largest investment groups worldwide, with €971 billion ($1,434 billion) of clients' assets under management.