Australia’s AMP Capital opens Dubai office to target GCC market
AMP Capital, the Sydney, Australia-based asset manager, has opened a representative office in Dubai’s International Financial Centre, to target the Gulf investment market.
The outpost is being headed up by AMP Capital institutional director Sudhanshu Garg, “who will be responsible for introducing AMP Capital’s real assets capabilities to clients across the Gulf Cooperation Council (GCC)”, AMP Capital said in a statement today.
A number of Middle East institutional investors have invested assets into AMP Capital’s infrastructure debt fund III, which had its final close in August 2017 after hitting the $2.5bn (€2.1bn) hard cap and gathering a further US$1.6bn (€1.36bn) in commitments.
Garg comes to AMP Capital from running a consultancy business in Dubai, where he was advising on various investment product development, product structuring and managing external relationships.
Previous roles include senior management positions at ABN Amro in Dubai and with the Royal Bank of Scotland where he was senior vice president and head of financial institutional business for the Middle East.
Having an “on-the-ground presence in Dubai” made sense for AMP Capital, as it continues its global expansion strategy, according to Boe Pahari, director of the North West Region for the company, given its role as a “gateway to the Middle East” and a potential high-growth market.
AMP Capital is part of the AMP Group, one of Australia’s largest retail and corporate pension providers, and its largest life insurance provider. In addition to Australia, New Zealand and Dubai, it has operations in China, Hong Kong, India, Ireland, Japan, Luxembourg, the United Kingdom and the United States. The AMP Capital business had A$178.9bn (€119.1bn) in assets under management as of 30 June.