(MENAFN Press) PineBridge Investments ("PineBridge"), the global multi-asset class investment manager, today announced that it has selected Bahrain as the location for its Middle East and North Africa ("MENA") headquarters.
PineBridge is an independent asset manager with over US67 billion of assets under management for institutional and individual clients across an extensive platform of listed equity, fixed income, and private equity and hedge fund strategies.
PineBridge has hubs in New York City and Hong Kong, and offices in over 20 countries.
PineBridge has received a Category 1 license from the Central Bank of Bahrain (CBB) and is currently in the process of establishing its regional headquarters in Manama.
The new firm, PineBridge Investments Middle East B.S.C. (c) ("PBIME") will cover the Middle East, North Africa and Turkey. PineBridge currently has offices in Dubai and Istanbul.
H.E. Kamal bin Ahmed, Acting Chief Executive of the Bahrain Economic Development Board (EDB) said: "We are delighted to welcome PineBridge to Bahrain. PineBridge has strong experience in a range of international markets and the management team based in Bahrain has impressive expertise in the MENA region.
"Attracting international investment forms an important part of our plan to create long term sustainable growth in Bahrain, make the private sector the engine of economic expansion and create jobs and opportunities for all Bahrainis. We wish PineBridge every success."
Talal Al Zain, CEO of PineBridge Investments Middle East said: "With its strong and recognized regulatory environment, we believe that the Kingdom of Bahrain is a good location to headquarter PBIME.
Backed by an extensive global network, broad capabilities and established track record across all asset classes, PBIME is well positioned to serve diverse sets of clients in key investment categories, including large institutions and private clients looking for differentiated products and competitive risk adjusted returns.
"We will also serve as a link between Asian and Middle Eastern investors to facilitate access between the two markets. PBIME will offer world-class private equity, wealth management services and access to PineBridge global products to clients in MENA."
Talal Al Zain added: "I would also like to extend my thanks to the Central Bank of Bahrain and the Bahrain EDB for their support."
A key element of Bahrain's growing prosperity is the financial services sector which is developing in line with the Kingdom's status as the region's most well established financial services centre.
With over 400 licensed institutions, the sector is the largest contributor to total GDP (27 percent) and contributed nearly 23 percent of the total increase in GDP over the last six years.
