Goldman Sachs Asset Management (GSAM) has become the first asset manager to register foreign investment funds for retail investors in the United Arab Emirates, the firm’s regional hub in the Middle East.
The registration follows a new mutual fund regulation introduced by the Emirates Securities and Commodities Authority in 2016, which for the first time authorises asset managers to register foreign mutual funds for distribution by approved local partners.
GSAM, which has operated in the UAE for over 10 years, has built a strong presence in the Middle East focusing on institutional investors and select private banks.
The fund range includes equity, fixed income, multi asset and alternative investment solutions, drawing on GSAM’s global investment expertise.
“The global market volatility and low yield environment underscores the need for established and innovative investment solutions that deliver diversified sources of income and rigorous risk management,” says Oliver Rahe (pictured), head of third party distribution for Middle East and Africa, GSAM.
“We are delighted by the approval from the regulator to allow foreign asset managers to register foreign funds and we look forward to meeting the needs of retail investors in the UAE through our range of products.”
Funds offered include the GS US Real Estate Balanced Portfolio, which is a diversified multi asset fund offering exposure to the US housing market, and the GS Global Multi Manager Alternatives Portfolio, an absolute return strategy which provides access to a select range of leading alternative managers.