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Nomura Asset Management Opens Up Shop in Dubai

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Dubai

Japan-based Nomura Asset Management, the asset management arm of Nomura Group, has opened its doors in the Dubai International Financial Centre (DIFC), making a commitment to multiply its client base in the Middle East by having boots on the ground. Nomura, Japan’s largest securities brokerage, has been in Dubai for more than 5 years; however, opening up asset management operations to serve their sovereign wealth clients has been a strategy in the making. Asset managers and service providers have made a big push to operate subsidiaries from the Gulf, seeing the region as a center of sovereign wealth. For example, in 2010, RBC Investor Services, then RBC Dexia Investor Services, opened an office in the DIFC.

Sovereign Wealth Centers in the Gulf

Nomura Asset Management is keen on promoting international products to sovereign wealth funds, public pensions and other institutional investors. To lead the Dubai office with regard to asset management, Nomura has hired Tarek Fadlallah as CEO of Nomura Asset Management Middle East.

When asked about more institutional houses opening up offices in the region, Tarek Fadlallah responded, “Perhaps but this time it’s likely to be based on a more sober assessment of the business opportunity rather than the hope which characterised the initial operational expansions between 2004-2008.”

According to Fadlallah, they decided to open an office in Dubai since, “The DIFC has become a respected financial hub with excellent regulatory oversight and physical infrastructure. It was a logical location for our first office.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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