Nigel Sillitoe

Given Mellon's relative youth in the region, this is a significant amount. Its international asset management operation, Mellon Global Investments, is also the most recent recruit to the growing list of major global financial institutions at the Dubai International Financial Centre.

Mellon Global Investments works exclusively with about a dozen major investment organizations in the Gulf region which all have sizeable total assets under management of between $20 billion to $400 billion, including many household names, government agencies and banks.

Started 130 years ago to manage the assets of the Mellon family, Mellon's asset management operation has a unique structure divided into 13 independent asset managers; two for its fixed interest and passive strategies funds; and 11 who operate different investment strategies to maximize returns for investors; including names like The Boston Company, Mellon HBV Dreyfus Asset Management and Newton in London - all are well known in the industry.

The arrival of Mellon is therefore a very welcome at the newly created DIFC in Dubai. So what made Mellon think that the DIFC was the right place to be?

'We moved from Bahrain to Dubai because the regulatory regime of the Dubai Financial Services Authority is very similar to the FSA that we deal with in London which makes it easier for us to operate,' says Executive Officer, Middle East East Nigel Sillitoe. 'The DFSA makes regular inspections of our books giving us the highest level of accountability and the rules are very clear.

'Dubai is also a very vibrant business city and is a better hub for traveling around the region. The UAE has more business opportunities for us, particularly in Abu Dhabi which we can serve more conveniently from Dubai than Bahrain.'

The move also fits with a worldwide expansion strategy at Mellon whose $4 trillion in assets includes custody, also a major business for the group. With custodial assets stripped out, the pure asset management business is $707 billion, ranking the firm 11th globally and 4th in the US.

As the accolade of being voted The Most Admired Bank in North America by Fortune Magazine suggests Mellon is a blue-chip among blue-chips; the criteria for selection rate social responsibility as well as more conventional measures of efficiency; and it has to be said that to be voted No1 in the most competitive financial services market in the world is a serious achievement.

'We try not to get too hung up on awards,' says Mr. Sillitoe. 'But we have noticed that clients are now far more demanding in compliance and due diligence and that is a strong argument for working with us. We offer peace of mind with an AA- rated organisation, Mellon Bank NA, that has all the right controls in place. After the scandals of recent years nobody is taking compliance lightly these days.'