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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.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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