PineBridge Investments LLC, a New York-based money manager, plans to introduce new funds in the Middle East and North Africa, said Talal Al Zain, whose appointment as head of a new regional headquarters for the company was announced today.
PineBridge, which manages $67.3 billion in assets, will focus on industries where demand is strong, such as health care, education and industrial companies that need growth capital, Al Zain said in a telephone interview. He said PineBridge is looking at a couple of opportunities, without giving details of those or of the funds it plans to set up.
The region “has substantial wealth, and as the markets develop there are excellent opportunities on the investment side,” he said. “The Gulf region itself is very critical for us because of the huge wealth.”
PineBridge currently has offices in Dubai and Turkey employing fewer than nine people, Al Zain said. He said that about 35 jobs will be added in the region within a year. The company is considering locations including Bahrain for its headquarters, he said.
Al Zain is the former chief executive officer of the Bahraini sovereign wealth fund Mumtalakat Holding Co. PineBridge is owned by Hong Kong-based Pacific Century Group (PCGZ), according to the company’s website.
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