Swiss-headquartered Altaira Wealth Management
has launched a subsidiary in Bahrain called Altaira Middle
East.

Altaira Middle East has been licensed by
the Central Bank of Bahrain to perform Category three
activities. A Category 3 license allows firms to arrange deals
and advise on financial instruments. 

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Altaira Wealth Management’s CEO Tony Acampora
told Private Banker International that the Bahrain
subsidiary has been planned for a long time.

“We have had plans to open in the Gulf since
we started. Most of our clients are Saudis and we also have a
Kuwaiti business as well.”

Acampora added that Bahrain’s recent political
troubles did not affect the plans for basing a subsidiary
there.

Ghazi Abdul Jawad, Chairman of Altaira Middle
East said: “Altaira Middle East has several Saudi-based
shareholders and is managed by a group of people with long
experience in the Gulf region. This differentiates us from most
asset managers currently operating in Bahrain.”

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Karim Alansari will serve as Senior Client
Relationship Manager, and Eman Mohammed as office manager and the
company is in the course of bringing in other local employees to
staff the office.

Currently, Altaira’s wealth
management funds are managed from Geneva and also from
Luxembourg, including shariah-compliant vehicles.

New London company

Acampora told Private Banker
International that the company also plans to open an
FSA-regulated investment company in London.

“It looks like that entity will manage the
funds business we have in Luxembourg,” Acampora said.

The plan is to retain the Luxembourg structure
but move management of the funds to London.

The move makes sense as many Middle Eastern
clients have links with London and Bahrain’s regulatory environment
is based on that of the UK, he added.