Analytics provider eVestment is to open a new Dubai office to meet growing investor interest in traditional, alternative managers in the Middle East and Africa region.
The region’s growing institutional wealth and the increased globalisation of the institutional investment industry have been cited as major factors behind eVestment’s decision to open its new office. This is the company’s first office in the Middle East.
The office is located in Building 01 in Dubai Internet City and will serve as eVestment’s base of operations for the company’s continued growth in the Middle East and Africa.
Since Q1 of 2009, investable institutional assets domiciled in the Middle East and Africa region have grown more than 180 percent, from $196.8 billion to $560 billion, as of Q2 2014, according to eVestment figures.
Sovereign wealth funds have also grown dramatically, and the wealth of the Middle East’s high net worth individuals has increased from $1.4 trillion in 2009 to $2.11 trillion in 2013, according to the Capgemini/RBC Wealth Management Wealth Report.
At the same time, global institutional investor interest in mature, emerging and frontier Middle East and Africa markets has grown as investors look to increase portfolio diversity and returns.
While Dubai and the Middle East are not yet major centres for hedge funds and other alternative investments, Dubai recently eased restrictions on asset managers operating in the Dubai International Financial Center, the country’s financial enterprise zone. This is seen by some experts as a bid to attract more hedge, private equity and other alternative funds to the area.
“Technology has created opportunities like never before for institutional investors, investment consultants and managers around the globe to connect and make smart investment decisions,” said eVestment co-founder and CEO Jim Minnick.
“The rise in investable assets in the Middle East and Africa region and the increased interest in the region among global investors makes this the perfect time for eVestment to open this office to help forge those connections.”
Wissem Souissi will lead the office as eVestment’s vice president of the MENA region.
He brings to eVestment a 12-year track record in financial and investment sales and business development in the Middle East, Africa and Europe.
Prior to joining eVestment, Souissi served as sales manager for the Middle East and the Russian Commonwealth with eFront, a leader in private equity, real estate and alternative investment management solutions. He also has worked with Moody’s Analytics in Southern and Eastern Europe and Africa.
