Further reasons to believe asset management recruitment is heating up

Emirates NBD has come good with its promise to bolster its asset management function and has announced a string of new hires. And, with moves being made to increase the size of the sector in the Gulf, other firms are also likely to offer employment opportunities soon.

The UAE bank unveiled a strategy to boost its assets under management and export its investment capabilities to new markets. It's now appointed Amr Albialy, Steve Corrin and Guy Medcraft to its senior team to target investors in the Far East and Mena markets.

"Increasing interest from financial advisers in the Middle East has encouraged us to expand our team both locally and internationally," said Deon Vernooy, head of Emirates NBD Asset Management.

Shuaa Capital has also hinted at new recruits following the appointment of Nadi Bargouti as head of asset management earlier this year, and the National Bank of Abu Dhabi has named Mark Watts as its new head of fixed income. International firms, such as Russell Investments, are looking to expand their regional footprint.

Franklin Templeton Investments this month appointed Andrew Ashton as senior director and regional head for CEEMEA, based in Dubai.

"A number of multi-national firms are gearing up to increase their regional fund management capabilities on the ground," says Michael Moros, director of headhunters EWK International. "Increased interest in the Middle East from institutional investors has prompted investment houses to build their teams."

There's also the fact that the regulatory environment is attempting to encourage more asset managers to the region. The QFC Authority has shifted its focus towards the industry, while the DIFC adjusted its fee structure for the funds industry this month.

The application fee the DIFC charge firms looking to gain a licence has been reduced from $40k to $10k for fund managers and it's also unveiled a series of policy changes to encourage foreign firms to set up in the financial centre.

Because of the relatively underdeveloped nature of the asset management industry, there's also an argument for local investment banks to build out this function in order to compensate for shrinking revenues elsewhere, according to a recent study by management consultancy A.T. Kearney.

In order to ensure a more diversified revenue stream, banks should look towards bolstering areas with good growth long-term potential, including asset management and capital markets, it argues.