US Banking Giant Launches First Foreign Mutual Fund In UAE

Robbie Lawther

13 April 2017

has launched what it claims is the first range of foreign mutual funds in the United Arab Emirates.

The Emirates Securities and Commodities Authority has authorised, for the first time, asset managers to register foreign mutual funds for distribution, the bank said in a statement.

The fund range includes equity, fixed income, multi-asset and alternative investment solutions.

GSAM, which has operated in the UAE for more than 10 years, has built a presence in the Middle East focusing on institutional investors and select private banks.

“The global market volatility and low yield environment underscores the need for established and innovative investment solutions that deliver diversified sources of income and rigorous risk management”, said Oliver Rahe, head of third party distribution for Middle East and Africa. “We are delighted by the approval from the regulator to allow foreign asset managers to register foreign funds and we look forward to meeting the needs of retail investors in the UAE through our range of products."