PineBridge Investments Middle East will be headed by former Mumtalakat CEO
PineBridge Investments, a global investment firm with $67bn in assets, selected Bahrain to house its Middle East and North Africa regional headquarters.
PineBridge Investments Middle East (PBIME) will be headed by Talal Al-Zain, former CEO of Mumtalakat, Bahrain's sovereign wealth fund.
According to the Bahrain Information Affairs Authority, Al-Zain said: "With its strong and recognised regulatory environment, we believe that Bahrain is a good location to headquarter PBIME."
He added: "We will also serve as a link between Asian and Middle Eastern investors to facilitate access between the two markets."
The announcement comes as several other large international corporations announce both launches of new Bahrain locations and the expansion of existing business.
During 2011, the country's Economic Development Board attracted over $300m in new foreign investment, primarily in banking and manufacturing, with more than 20 new companies establishing operations in Bahrain, including German chemical giant BASF, Geneva-based asset managers Notz Stucki, Canara Bank and JBF Industries from India, and global law firm DLA Piper.
PineBridge Investments manages $67.3bn in assets, as of December 31 2011, for institutional and individual clients across an extensive platform of listed equity, fixed income, private equity and hedge fund strategies.
Until February, Al Zain had been CEO of Bahrain’s $9bn sovereign wealth fund and was said to have resigned from that role over differences in strategy with Mumtalakat’s board and disappointment in the fund’s lack of deal-making as it focused on reviving loss-making domestic assets.