Muzinich & Co has opened an office in Abu Dhabi as the global corporate credit specialist looks to expand into the Middle East amid the ongoing conflict.
The firm said the office will be led by Filomena Cocco, managing director of global business development, and will be located in the Abu Dhabi Global Market (ADGM), the emirate’s international financial centre.
The appointment comes as conflict in the Middle East escalated over the weekend, with the US and Israel continuing to strike Iran, while Tehran launched missiles across the Gulf region.
Before the conflict, many private credit managers had been moving into the region, establishing offices and seeing investment flows. One asset manager told Alternative Credit Investor last week that the continued conflict in the Middle East would no doubt impact expansion into the region.
However, the move by Muzinich runs counter to that sentiment. DWS also recently reaffirmed its commitment to the region this month, appointing a senior coverage specialist for alternatives in the Middle East as it looks to expand its private markets platform there.
“Our presence in the ADGM reflects our belief in the region’s long-term future,” Justin Muzinich, chief executive of Muzinich & Co. “As a privately-owned firm, we are committed to building lasting partnerships and see a natural alignment with the United Arab Emirates’ vision for growth.”
The manager said it has been active in the region for several years, building relationships across the Gulf Cooperation Council. The new office formalises its presence and will support investors increasing allocations to fixed income and private credit.
Muzinich & Co is a global institutional asset manager with $43.3bn (£32.7bn) in assets under management, including private markets strategies spanning sponsored and non-sponsored direct lending, capital solutions, parallel lending and aviation finance.
“Muzinich’s expansion also reinforces Abu Dhabi’s position as a leading international hub for capital and long term investment, offering global firms a stable and well connected platform to serve regional and international markets,” said Arvind Ramamurthy, chief market development officer at ADGM.
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