PineBridge Investments will establish its Middle East and North Africa headquarters in Bahrain, the firm said in a statement.
PineBridge has received a licence from the Central Bank of Bahrain and plans to open an office in the country before the end of the year. The firm’s MENA division, PineBridge Investments Middle East, already has offices in Dubai and Instanbul and will cover the Middle East, North Africa and Turkey.
“With its strong and recognized regulatory environment, we believe that the Kingdom of Bahrain is a good location to headquarter PineBridge Investments Middle East,” Talal Al Zain, chief executive officer of PBIME said in a statement. “We are focusing on large institutions and private clients looking for differentiated products.”
MENA is a region the firm has not had a “substantial presence” to date, PineBridge chief executive officer David Jiang said in the statement. The firm is considering hiring up to 35 professionals for the MENA team over the next 12 months.
PineBridge took the first step in creating a regional headquarters in MENA with the appointment of Al Zain, the former chief executive officer of Bahrain’s sovereign wealth fund, in March. Al Zain sits on the firm’s executive committee and is co-head of alternative investments alongside Hans Danielsson, assuming joint responsibility for private equity, hedge funds and the firm’s other alternative investment businesses globally.
Al Zain brings both an LP and GP background to the role: prior to running Bahrain’s sovereign fund, he spent 18 years working on MENA investments at private equity firm Investcorp. He was also heavily involved managing relationships clients relationships.
PineBridge manages more than $67 billion of assets for institutional and individual clients across listed equity, fixed income, private equity and hedge fund strategies.