Invesco applies for DIFC licence

Top global fund manager keen to expand regional presence via DIFC hub.

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By  Mark Johnson Published  February 21, 2005

One of the world's biggest names in the asset and fund management business, Invesco, has submitted an application to the Dubai Financial Services Authority (DFSA) for a licence to operate from the Dubai International Financial Centre (DIFC). The company is part of independent global investment management business, Amvescap, which employs nearly 7,000 people in 18 countries, and currently has US$382.1 billion under management. Listed on the New York, London and Toronto stock exchanges, Amvescap has a significant presence in the institutional, retail and defined contribution markets in North America, Europe, Asia and with the development of its office in Dubai, the Middle East. The DIFC said it welcomed the application of Invesco as a further step in reinforcing Dubai’s position as the asset management centre of the Gulf region and the wider Middle East. It believes that global asset managers recognise both the size of the local investor base and the increasing number of regional investment opportunities. Nick Tolchard, director for international development at Invesco, said, "I am delighted to be submitting this licence to the DFSA. We strongly endorse the DIFC concept and believe it will create considerable opportunity for investment management to grow and develop in the region.” Commenting on the reasons for applying for a licence to operate from the DIFC, Cormac Sheedy associate director at Invesco's international development division and head of the Dubai office, said: “We very much welcome the opportunity of operating within a regulated jurisdiction. The regulatory environment at the DIFC modelled, as it is, so closely on London and New York, will provide investors with the reassurances they would expect in a credible capital market.” He added: “We have ambitious growth plans for this venture and are well placed with our strong and enduring relationships with customers here to develop a new branch at the DIFC.” “We offer an excellent range of funds as well as having a track record of structuring products that will meet the demand of the region’s local banks and will work with retail banks in creating products that satisfy the needs of their customers. We have the ability to create structured Islamic products and I would expect us to offer these in the future.” DIFCA director general, Dr Omar Bin Sulaiman, welcomed the submission of Invesco’s application to the DFSA: “Private and institutional investors in the region currently have an estimated US$1trillion under management. The DIFC is the ideal base for fund managers to access this growing pool of wealth and I am delighted that Invesco has applied for a licence through the DFSA to operate from the centre. I sincerely hope to welcome the company to the DIFC once the application and approval process is completed by the DFSA.”

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