RBC Dexia Investor Services, a joint venture equally owned by Royal Bank of Canada and Dexia, has received license from Dubai Financial Services Authority (DFSA) to open a branch for the Middle East and North Africa (MENA) region.

Based in the Dubai International Financial Centre (DIFC), the branch will facilitate the management of new and existing client relationships, offering RBC Dexia’s full suite of services to governments and money managers across the MENA region.

Andrew Polley, senior executive officer in Middle East and Africa, will head the office and report to Richard Hale, regional head in UK, Ireland and Middle East, Sales and relationship management in London. Rob Lowe, director of sales and relationship management, will relocate to the office from London.

Jose Placido, CEO of RBC Dexia Investor Services, said: “As global money managers establish offices in the MENA region, we intend to match our global capabilities with their ambitions. The presence of Sovereign Wealth Funds, the growth of local funds in the region and the increase in global fund managers distributing their products there make this an important hub for servicing clients in these high potential markets.”

The UK-based RBC Dexia Investor Services offers institutional investors worldwide, an integrated suite of products, including global custody, fund and pension administration, securities lending, shareholder services, analytics and other related services.