Neuberger has strengthened its presence in the Middle East after securing regulatory approval to administer investment funds in Saudi Arabia.
The alternatives manager has received approval from Saudi Arabia’s Capital Market Authority to operate funds in the Kingdom.
The move will give investors in Saudi Arabia access to Neuberger’s investment team and a range of funds across multiple asset classes, the firm said.
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“The new licence will allow Neuberger to bring its global investment capabilities across public and private markets to clients in the Kingdom, as well as establish a world-class local investment and client coverage team,” said Khalid Albdah, chief executive, head of asset management and board member of Neuberger Berman Saudi Investment Company.
Headquartered in New York, Neuberger manages $567bn (£424.4bn) in equities, fixed income, private markets, real estate and hedge fund portfolios.
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