Report: Nuveen to Grow Middle East Private Wealth Biz

American asset manager Nuveen plans to expand its private wealth business in the Middle East, identifying opportunities within distribution channels of private banks and family offices, according to a January 9 report by Citywire.

Fadi Khoury, head of the Middle East for Nuveen, told the publication that the firm will focus on the rising number of family offices in the region. Nuveen plans on establishing investment teams which will be composed of CIOs, public and private market investment managers, and credit specialists across the UAE, creating an opportunity for asset managers to create an additional revenue stream.

Nuveen established its office in Abu Dhabi in September of last year with the objective of maximizing private credit opportunities in the region. The firm currently serves 400 institutional clients across the EMEA region.