The firm will launch its asset management and investment advisory services through Amwal LLC, a wholly owned subsidiary that was licensed by the QFC Regulatory Authority in November 2011.
As a result of operating at the QFC and ceasing its regulated activities under the Qatar Central Bank, Amwal will return the excess capital to its shareholders.
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Sheikha Hanadi Nasser bin Khaled al-Thani, chairman and founder of Amwal, said: "At the QFC, we can more closely align ourselves with the development of the asset management industry in Qatar to strengthen our market leadership. The QFC provides a robust legal and regulatory regime that suits our business activities and our targeted investors. Amwal is now in discussion with the Qatar Central Bank to cease its regulated activities under the Central Bank’s supervision in order to avoid dual regulation."
George Shehadeh, Amwal CEO, said: "Having completed our strategic repositioning which began in 2009 and having built a solid operating platform and an excellent track record, we are looking forward to an exciting growth phase for the company’s asset and wealth management business at the QFC."
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