Goldman Sachs Asset Management, the asset management arm of the giant, New York-based Goldman Sachs Group, has become the first asset manager to register foreign investment funds for retail investors in the United Arab Emirates, the company has announced.
The UAE is Goldman’s Middle Eastern regional hub. It has had an operation there for the past 10 years, focused on institutional investors and “select private banks”, according to a statement announcing the new retail fund range.
The registration follows a new mutual fund regulation introduced last year by the Emirates’ Securities & Commodities Authority in 2016, which for the first time authorises asset managers to register foreign mutual funds for distribution by approved local partners.
According to the statement, the new fund range includes equity, fixed income, multi asset and alternative investment solutions, drawing on GSAM’s global investment expertise.
Oliver Rahe, head of third party distribution for the Middle East and Africa, said the current “global market volatility and low yield environment” underscored a need in the retail market for “established and innovative investment solutions that deliver diversified sources of income and rigorous risk management”.
GSAM, he added, looked forward to meeting the investment needs of the UAE’s retail investors.
Among the funds GSAM plans to offer the UAE market, it said, will be its GS US Real Estate Balanced Portfolio, a diversified multi asset fund offering exposure to the US housing market; and the GS Global Multi Manager Alternatives Portfolio, an absolute return strategy that it says provides access to “a select range of leading alternative managers”.