Invesco, part of independent global investment management business, Amvescap (NYSE:AMV), submitted an application to the Dubai Financial Services Authority (DFSA) for a licence to operate from the Dubai International Financial Centre (DIFC).
Amvescap employs nearly 7000 people in 18 countries and currently has $382.1 billion under management. Listed on the New York, London and Toronto stock exchanges, Amvescap has a significant presence in the institutional, retail and defined contribution markets in North America, Europe, Asia and with the development of its office in Dubai, the Middle East.
The DIFC welcomes the application of Invesco as a further step in reinforcing Dubai's position as the asset management centre of the Gulf region and the wider Middle East. It believes that global asset managers recognise both the size of the local investor base and the increasing number of regional investment opportunities.
Nick Tolchard, Director for International Development, Invesco, said,
I am delighted to be submitting this licence to the DFSA. We strongly endorse the DIFC concept and believe it will create considerable opportunity for investment management to grow and develop in the region."
Commenting on the reasons for applying for a licence to operate from the DIFC, Cormac Sheedy Associate Director, International Development Division and Dubai office head said,
"We very much welcome the opportunity of operating within a regulated jurisdiction. The regulatory environment at the DIFC modelled, as it is, so closely on London and New York, will provide investors with the reassurances they would expect in a credible capital market."
He added,
"We have ambitious growth plans for this venture and are well placed with our strong and enduring relationships with customers here to develop a new branch at the DIFC."
"We offer an excellent range of funds as well as having a track record of structuring products that will meet the demand of the region's local banks and will work with retail banks in creating products that satisfy the needs of their customers. We have the ability to create structured Islamic products and I would expect us to offer these in the future."
DIFCA Director General, Dr Omar Bin Sulaiman, welcomed the submission of Invesco's application to the DFSA.
"Private and institutional investors in the region currently have an estimated US $1trillion under management. The DIFC is the ideal base for fund managers to access this growing pool of wealth and I am delighted that Invesco has applied for a licence through the DFSA to operate from the Centre.
I sincerely hope to welcome the company to the DIFC once the application and approval process is completed by the DFSA."
-Ends-
Notes to Editors:
DIFC
The Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The DIFC Authority is the core body established by the Dubai Decree that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.
The Dubai Financial Services Authority (DFSA) is the independent regulator of all financial and related ancillary services conducted in or from the Dubai International Financial Centre (DIFC) - for example, asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DIFC regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Invesco
INVESCO is part of AMVESCAP, a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver outstanding products and services through a comprehensive array of retail and institutional products for clients around the world. The Company is listed on the London, New York and Toronto stock exchanges with the symbol "AVZ." Additional information is available at www.amvescap.com
For further information about DIFC contact:
Gilbert Halaby
DIFC Senior Manager, Corporate Communications
Tel: +971 319 1994
Mob: +971 50 657 8922
gilberth@difc.ae
John Hobday
Incepta Middle East
Tel: +971 50 464 8706
john.hobday@inceptame.com
For further information about Invesco contact:
Jane Drew
INVESCO
Tel: + 44 20 7065 3949
jane_drew@ldn.invesco.com
© Press Release 2005
