First Abu Dhabi Bank (FAB.AD), opens new tab, the United Arab Emirates' largest lender by assets, said on Monday it has entered into a strategic partnership with U.S.-based asset manager T. Rowe Price (TROW.O), opens new tab to expand its investment offerings across the Gulf region.
Under the partnership, T. Rowe Price will act as an investment partner to FAB, offering services in equities, fixed income, alternatives and multi-asset strategies, the bank said in a statement.
The collaboration aims to broaden the range of products available to FAB's retail, private banking and institutional clients, while strengthening the lender's investment management capabilities. Financial terms of the agreement were not disclosed.
Western wealth managers have increased their presence in the Gulf as its relatively neutral political stance, ease of doing business, convenient time zones, and tax free status has lured an increasingly diverse pool of investors.
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