Candriam, formerly Dexia Asset Management, has upgraded the licence of its Dubai operation to allow it to arrange and advise investments for itself and affiliates of its parent company, New York Life Investment Management.
The licence was granted by the Dubai Financial Services Authority, the regulator of the Dubai International Financial Centre, where the Candriam office is based.
Candriam, which has €91 billion under management, has been present in the Gulf since 2006. According to Sami El-Eid, head of institutional client relations for the MENA region, the licence upgrade came after talks with the Dubai regulator about the company’s business plan. The new licence indicates the firm’s commitment to the region is stronger than ever, he says.
“We are geared up for future growth and are committed to the MENA region to further develop our client partnerships,” adds Naïm Abou-Jaoudé, chief executive of Candriam Investors Group, who was recently interviewed by Funds Europe.
New York Life Investments agreed to buy Dexia Asset Management for about $480 million in 2013. The purchased followed a long search for a buyer after the Belgian-French bank Dexia had to be bailed out after it encountered debt problems in the financial crisis.
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