- Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group has announced its expansion into the Middle East with the appointment of Wassim Nasrallah as the managing director and head for the Middle East.
Nasrallah will be based in Dubai at a newly established office location for Principal Global Investors.
The move allows Principal Global Investors to serve institutional investors, pension plan sponsors and sovereign wealth fund clients in the Middle East, with a primary focus on the nations of the GCC.
Nasrallah will be responsible for overseeing the firm’s business development and marketing efforts in this region.
Abdullah Mohammed Al-Awar, CEO, Dubai International Financial Center (DIFC) Authority, said: “The UAE and the United States have long enjoyed strong commercial ties and many American companies have used Dubai as a base to expand into the region. Principal Global Investors joins a growing community of asset managers and other financial services providers in DIFC which has succeeded in establishing a secure and efficient platform to reach into and out of the emerging markets of the region.”
Jim McCaughan, CEO, Principal Global Investors, said: “The establishment of a principal office in Dubai marks the continued expansion of our global footprint.”
Nasrallah added: “Principal Global Investors’ multi-boutique investment model and diversified distribution channels are a natural fit for institutional clients in the Middle East.”