Goldman Sachs Asset Management (GSAM) has become the first asset manager to directly register foreign investment funds for retail investors in the UAE, taking advantage of mutual funds regulations introduced last year.
The Securities and Commodities Authority (SCA) introduced revised regulations in July last year authorising asset managers to register foreign mutual funds for distribution by approved local partners.
The new regulations pare down the requirements for registering foreign funds for distribution within the UAE, with registration previously carried out by local distributors case by case.
“We are delighted by the approval from the regulator to allow foreign asset managers to register foreign funds and we look forward to meeting the needs of retail investors in the UAE through our range of products,” said Oliver Rahe, GSAM’s head of third-party distribution for Middle East and Africa. “The global market volatility and low-yield environment underscores the need for established and innovative investment solutions that deliver diversified sources of income and rigorous risk management.”
Mr Rahe told The National that three new GSAM funds had already been approved by SCA, with four previous funds approved by local distributors ahead of the introduction of the new regulations.
GSAM said it plans to file fund registrations in the coming months to grow its product range and offer solutions for different types of investors and market environments.
jeverington@thenational.ae
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