HSBC Establishes Asset Management Entity in the UAE

Bank HSBC 

                                                                             

HSBC Establishes Asset Management Entity in the UAE

HSBC announced on Monday the launch of an asset management entity in the UAE and the introduction of 10 local investment funds, as part of its efforts to strengthen its investments in the region and capitalize on the influx of wealth into the Gulf state.

“Our investment in building a local asset management business is aimed at capitalizing on the significant and long-term wealth opportunity in the UAE,” said Dinesh Sharma, Regional Head of International Wealth and Personal Banking for the Middle East and Turkey at the bank, in a statement, noting the demand for such structured entities in the UAE.

The UAE has witnessed an influx of high-net-worth individuals in recent years, attracted by the relative ease of doing business, convenient time zones, and tax exemptions, prompting a number of global asset managers to establish or expand their presence there.

The London-based bank is scaling back its global operations as part of a restructuring that began in 2024. This includes reorganizing its operational divisions along its East and West lines and reducing the size of its investment banking sub-units. It has focused its growth efforts on regions such as Asia and the Middle East.

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The bank announced in a statement that it has appointed James Grist as Managing Director of its new asset management entity in the UAE, without providing details on the size of the business or staffing.

Assets managed by HSBC's asset management unit totaled $852 billion as of the end of September last year.