Mellon Global Investments to set up shop in DIFC

MELLON Global Investments Limited, the international distribution subsidiary of Mellon Financial Corporation, last week announced the expansion of its asset management business and the opening of an office in the Dubai International Financial Centre (DIFC).

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By  Tamara Walid Published  February 27, 2005

MELLON Global Investments Limited, the international distribution subsidiary of Mellon Financial Corporation, last week announced the expansion of its asset management business and the opening of an office in the Dubai International Financial Centre (DIFC). The group has been active in the Middle East for many years and its asset managers and affiliate companies are responsible for in excess of US$5 billion in the region. Nigel Sillitoe, director of business development in the Middle East, is tasked with further growing Mellon’s asset management business and leading the company’s development effort throughout the region. The opening of the office represents a significant commitment from Mellon Global Investments to the development of its business in the Middle East, and follows the granting of a licence from the Dubai Financial Services Authority (DFSA) to operate from DIFC. “Mellon already manages over US$5 billion for investors in the Middle East and we expect this move to bring further expansion of our business,” said Jon Little, CEO, Mellon Global Investments. “Over the last three years we have introduced Mellon’s management capabilities to Europe, Australia and Japan and we are enthusiastic about our prospects for greater success in the Middle East. Our research shows that Middle Eastern investors recognise the importance of diversification and are increasingly interested in high-quality global investment skills. With Mellon they will find a broad array of best in-class boutique investment managers,” he added. Since its launch two years ago in the Australian market, Mellon Global Investments now has over US$6 billion invested in its specialist asset managers, finding success across a number of speciality areas including currency, global, macro, hedge funds, international equity and fixed income. “We are thrilled that Mellon Global Investments is licensed by the DFSA to operate from the DIFC,” said Dr. Omar Bin Sulaiman, director general, DIFC. “Mellon is, without doubt, one of the leading and most well-respected names in global financial services and its decision to base its Middle East operations at the DIFC is a ringing endorsement of the centre and our goal to become the de facto hub for financial services in the region,” he added. Mellon Financial Corporation recently reported a net income of US$198 million for its continuing operations for the fourth quarter of 2004. This compares to a net income of US$186 million in the fourth quarter of 2003 and US$182 million in the third quarter of 2004.

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