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February 21, 2012updated 04 Apr 2017 3:43pm

Altaira Wealth Management launches Middle East subsidiary

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.

By Thomas McMahon

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. 

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.”

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.

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