The UK major life and pensions company Prudential has received a licence from the Dubai Financial Services Authority to operate as an author...

The UK major life and pensions company Prudential has received a licence from the Dubai Financial Services Authority to operate as an authorised firm from the Dubai International Financial Centre. Prudential will initially target what it calls the “largely untapped and growing wealth management opportunity across the United Arab Emirates” by providing investors in the region access through financial intermediaries to its existing international fund range. It also plans to launch new funds backed by assets from the region as well as Shariah-compliant funds that will be available internationally. The funds that will be available initially include the International Opportunities Funds (Luxembourg), Prudential ICICI Mutual Funds (India) and the M&G Funds (UK) range. Ajay Srinivasan, chief executive of fund management for Prudential Corporation Asia, said: “The Middle East has great potential for wealth management and this base at the DIFC gives us the opportunity to leverage our successful fund management operation both to access new customers and also to cater for the growing Islamic finance sector.”