Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain was joined by dignitaries, and leading executives from the board of the firm, including Mervyn Davies, Lord Davies of Abersoch, CBE, Non-Executive Chairman of PineBridge Investments, David T. Jiang, CEO of PineBridge Investments and Talal Al Zain, CEO of PineBridge Investments Middle East, as he opened the office.
The establishment of the headquarters will spearhead PineBridge’s expansion in the Middle East, North Africa and Turkey. The firm will offer world-class investment management services including innovative, core and alpha-orientated solutions.
“As one of the leading independent asset managers, PineBridge Investments possesses the expertise and capabilities that support the thriving financial ecosystem in the Kingdom. We are pleased with PineBridge’s decision to locate their MENA headquarters in Bahrain which is a strong validation of Bahrain’s open business and strong regulatory environment, highly skilled work force and proximity to other GCC markets,” CBB Governor, Rasheed Mohammed Al Maraj said.
“The Board of PineBridge is delighted with this strategic move. This is an exciting region, and a testament to PineBridge’s tradition as a forward-looking organization,” Lord Davies said.
Talal Al Zain expressed his gratitude to His Majesty King Hamad bin Isa Al Khalifa; His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa; and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander, for their sincere and tireless efforts to ensure prosperity and wellbeing for all.
“We would like to thank you for the initiatives aimed at increasing growth, diversifying the economy and encouraging the private sector,” Al Zain said.
“Today we celebrate an important milestone that demonstrates our belief in and commitment to the growth of this vibrant region. PineBridge Investments has experience and presence in developed and emerging markets spanning more than 60 years. The Middle East and North Africa was a region where we have not had a substantial presence. We see significant opportunities for investment and substantial liquidity across MENA and Turkey, which have many underpenetrated markets across all assets classes,” Al Zain said.
“We are building an exceptional team of investment professionals able to offer world-class investment solutions and services across core areas such as private equity, investment and wealth management, product development and real estate. The establishment of the regional headquarters will facilitate the flow of investment ideas and product innovation, enabling us to meet client demand for investment opportunities both in their own markets, and in markets further afield,” he added.
PineBridge Investments is increasing its focus on emerging markets, including the Middle East. In July 2012 PineBridge received a Category 1 License from the Central Bank of Bahrain. PineBridge Investments Middle East will cover the Middle East North Africa and Turkey, and is well positioned to serve a diverse set of clients in broad ranges of investment categories, including large institutions and private clients looking for differentiated products and competitive risk return.
PineBridge is an independent asset manager with over 60 years of experience in developed and emerging markets and currently managing $70 billion across its platform for institutional and individual investors worldwide as of 30 November 2012.