DWS Group, the investment arm of Deutsche Bank AG, is opening an office in Abu Dhabi after securing a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Category 4 regulated firm.
DWS has over EUR1.01 trillion (US$1.18 trillion) of total assets under management and has approximately 4,800 employees in offices around the world. It offers individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines.
DWS will establish a regional presence under ADGM’s progressive regulatory framework, with end-to-end set-up support from the Abu Dhabi Investment Office (ADIO).
Stefan Hoops, CEO at DWS, commented: “The Middle East is a strategic growth area for DWS as we look to capitalise on our position as the gateway to Europe, linking clients, markets and opportunities across borders in a region that is future-focused and highly sophisticated.”
Arvind Ramamurthy, Chief Market Development Officer at ADGM, added: “We congratulate DWS, one of the world’s leading asset managers, on receiving their FSP from the FSRA of ADGM. This milestone reflects both the firm’s ambition and the strength of ADGM’s robust, progressive, and internationally recognised regulatory framework.
“As a leading international financial centre, ADGM offers asset managers a dynamic ecosystem with access to global investors, innovative structures, and a collaborative community that fosters sustainable growth.”
Joe Kiwan, head of DWS’s Middle East & Africa coverage, will relocate from Paris to run the firm’s first office in the region. He will focus on regional strategy, client relationships and strategic partnerships.
Deutsche Bank has been present in the UAE for more than 25 years. The bank first established a representative office in Abu Dhabi in 1999 and has since expanded its footprint to encompass four legal entities across the country, one of which is the newly licensed ADGM entity.
Khalifa Al Mahmoud, Acting Director – Investor Attraction at ADIO, said: “The establishment of DWS’s first presence in the MENA region in Abu Dhabi underscores the emirate’s enduring role as a predominant centre of capital and connectivity. We are proud to have supported DWS in marking its entry into the region, in line with our commitment to fostering the growth of world-class institutions within Abu Dhabi’s dynamic financial landscape.”
Earlier, in May this year, Deutsche Bank received a financial services permission from the FSRA in the ADGM, enabling the bank to conduct key regulated activities within the international financial centre.
The license permitted Deutsche Bank to engage in arranging deals in investments; arranging credit andf advising on investments or credit.
