HSBC has started asset management operation in the UAE and registered ten onshore investment funds with the country’s Securities & Commodities Authority (SCA).
With this step, HSBC joins the first group of global asset managers to create and register an onshore fund offering under the UAE’s investment fund regulations.
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The new funds are managed from within the UAE by HSBC Asset Management, which has a network of more than 600 investment professionals.
The ten funds cover a broad range of asset classes, risk levels, and investment themes, providing options for both institutional and retail investors.
The offering “complements” HSBC’s existing lineup of international funds and securities services, offering clients an option to access both regional and international markets, noted the UK banking major.
James Grist has been named general manager of HSBC’s new UAE asset management entity, tasked with heading the development of the onshore platform as well as wider investment operations in the country.
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By GlobalDataThe launch is part of HSBC’s broader expansion in wealth management across the Middle East, North Africa, and Türkiye region.
The bank has recently outlined plans for increased investment in its UAE wealth division, including the opening of a new wealth centre in Dubai, enhancements to its Premier account services, and an increase in staff dedicated to serving affluent customers.
HSBC UAE CEO Mohamed Al Marzooqi said: “Establishing our onshore fund platform in the UAE is a major milestone in HSBC’s strategy to support the country’s ambition to be a critical wealth hub in our international network.
“By building an asset management business and funds capability here onshore, we are giving investors more choice, more transparency and more ways to grow and protect their wealth in the UAE, into the region and around the world.”
Last August, Bloomberg reported that HSBC Holdings’ Swiss private banking division was winding down its services to some high-net-worth clients from the Middle East.
Over 1,000 clients from Saudi Arabia, Lebanon, Qatar, and Egypt were reportedly told they would need to move their accounts elsewhere.
The action targets clients with assets above $100m, who are deemed high-risk by the bank’s internal assessments.
