Only foreign funds that are approved by SCA can be promoted and sold locally.
Obtaining a full list of licenced foreign firms is challenging. However, other companies understood to have similar approval are Goldman Sachs and Fidelity.
In a further twist, Franklin Templeton announced its arrival in the region with a billboard along the main thoroughfare in Dubai.
Historically, the promotion of foreign securities in the UAE was focused mainly on those that were locally listed.
However, the introduction of the Mutual Funds Regulations (MFR) in August 2016 and the Promoting and Introducing Regulations (PIR) in February 2017 changed that.
Foreign asset managers now have to register their non-UAE domiciled funds for promotion by locally-approved distributors in the region.
Matthew Lamb, chief executive of Pacific Asset Management (PAM), said: “There has been some uncertainty in the market as to whether SCA would require underlying funds sold via unit linked products to be registered with the authority.
“However, we have always believed that regulation is not just about the letter of the law but the spirit of the law too.
“As such, and in anticipation of further regulation in relation to these products, Pacific Asset Management submitted an application to register its Irish Ucits multi-asset fund range with the SCA in early September 2017.”
PAM obtained approval to distribute the funds from November 2017 via its association with a locally registered private bank.
“As a result, whilst early days, through a combination of this raised local profile and our marketing efforts, we have seen a significant pickup in interest in the region for our locally registered, modern cost efficient multi-asset solutions,” Lamb added.
Pacific Asset Management
PAM is the core asset management business of the Pacific Investment Group. In May 2017, it acquired a stake in London-based boutique North of South Capital.