(Bloomberg) -- Amundi SA, Europe’s largest asset manager, hired Nisarg Trivedi from Schroders Plc to help expand its business in the Middle East, according to people familiar with the matter. 

Trivedi, who worked as director at Schroders for about five years, will lead the Paris-based firm’s third-party distribution business in the region, the people said, asking not to be identified as the matter is private. 

He will remain based in Dubai and will help to develop Amundi’s business and relationships with some of the Middle East’s largest financial institutions and intermediaries, the people said. 

Schroders has named Joe Tennant as its new head of Middle East intermediary, the fund manager said. A representative for Amundi didn’t immediately provide comment.

Asset managers are seeking to bolster their operations in the Middle East buoyed by its economic prospects amid a surge in commodity prices. Flush with cash, the region’s biggest sovereign funds -- which control more than $3 trillion in assets -- are pouring billions of dollars into global deals. 

BlackRock Inc., the world’s largest asset manager, opened an office in Saudi Arabia three years ago and appointed a new board of directors for its business in the kingdom in May.

Amundi set up operations in Dubai’s financial district in 2017. The asset manager attracted money into its funds in the second quarter, surprising analysts who had forecast outflows.

(Updates with Schroders response in fourth paragraph.)

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