Nuveen is set to open its first Middle East office in Abu Dhabi, making it the second investor with over $1tn in assets to announce a bet on the fledgling financial hub this month.
The oil-rich emirate, which is home to sovereign wealth funds worth at least $1.5tn, is wagering that attracting financial services firms to the city will further diversify its economy and wean it off fossil fuel revenues.
Nuveen, the wholly-owned subsidiary of US teachers pension fund TIAA with $1.2tn in assets under management, will initially open a three-person office to deal with its institutional clients in the region. It will be led by former Columbia Threadneedle Middle East managing director Fadi Khoury.
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