“The new statutory objective will help the DFSA continue to prioritise development of the financial services industry in Dubai.” — Jillien Flores, MFA Head of Global Government Affairs
Washington, D.C. — MFA supports the Dubai Financial Services Authority (DFSA) proposal to introduce a new statutory objective to promote the development of the financial services industry in the Dubai International Financial Centre (DIFC). The support was expressed in a comment letter submitted today in response to a consultation on proposed changes to the DFSA’s statutory objectives.
“The new statutory objective will help the DFSA continue to prioritise development of the financial services industry in Dubai and allow alternative investment funds to better serve the needs of institutional investors in the region,” said Jillien Flores, MFA Head of Global Government Affairs. “We appreciate the DFSA’s methodical approach to regulatory oversight and its commitment to enhancing Dubai’s position as a hub for alternative asset management.”
The letter emphasises the growing importance of the DIFC to alternative asset managers. Many private funds have established offices in the region to better serve investors, including pensions and sovereign wealth funds. The proposal, and related DFSA private credit proposals released earlier this year, will increase the attractiveness of the DIFC as a global financial centre for alternative asset managers.
Read the full comment letter here.
About the global alternative asset management industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $5.5 trillion (Q3 2023). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About MFA
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 180 member fund managers, including traditional hedge funds, credit funds, and crossover funds, that collectively manage over $3.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.
