While the developed world is teetering on the brink of a recession and credit lines have all but dried up, the Middle East boasts a booming economy and oceans of liquidity. As a result, asset managers from all over the world are scrambling to secure a slice of the action.

Global firms are casting their eyes over the vast amounts of capital ready to be invested from the region. Multi-manager SEI last week became the latest international asset management company to open an office in the Middle East. The move follows office openings last year by Pictet Asset Management, Schroders and Pioneer Investments.