It’s one small step for Barclays but one giant leap for Qatar’s financial centre. The UK bank will be the first to base a sizeable asset management operation in Doha’s financial zone, thanks in part to a $250m investment from Qatar.
The Qatar Financial Centre, facing off against regional competitors in Dubai and Bahrain, has long said it hopes to build a niche specialty as an asset management hub. While some local and regional firms, as well as international banks, have become licensed asset managers within the QFC, this week’s deal will make Barclays the most significant international operation in the centre.
Barclays Natural Resources Investments (BNRI) will open its regional office in the QFC and shift top management, including Mark Brown, its managing director, to Doha to run the natural resources private equity fund from the new office.
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