Dubai-based Rayan Asset Management has renewed its agreement to represent US-based Russell Investments in the Middle East and distribute its multi-manager and OpenWorld products.

In addition to expanding its distribution network, Russell has seen its ongoing partnership with Rayan lead to increased demand from Middle Eastern clients for its consulting and advisory services. On Rayan’s side, the arrangement has led to “incremental growth”, one result of which was the recent appointment of Jean Aboumrad as managing partner, the firm said. Rayan is also planning to further grow its team in the coming months.

"The Middle East is home to some of the world's most sophisticated investors. In recent years our clients there have increasingly requested our advice as well as other investment services. This demand has led us to extend our consulting offering to clients throughout the region,” said Pascal Duval, executive managing director, EMEA, at Russell Investments.

Russell Investments has a similar partnership in place in Saudi Arabia with Jadwa Investment.