Singapore-based multi-family office Taurus Wealth Advisors is planning to expand its footprint in the Middle East by opening a new office in Dubai.
Taurus Wealth has already filed for license to operate in the Dubai International Financial Centre (DIFC) in mid-2014 and expects to receive it in the next few months, reported Asian Investor.
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Taurus Wealth founder and CEO Mandeep Nalwa said: "We see Dubai as a gateway to Africa, and aim to bring on board families in the Middle East and those in Africa who keep their wealth there."
Nalwa added that the new office will employ investment advisers but not investment or research staff.
Meantime, Taurus has been expanding its advisory team for HNW and family office clients in Singapore by hiring five new staff since December 2014, including specialists in philanthropy, governance and investments.
The new hires include Terry Farris, who joined as head of family governance and philanthropy services, while Rainer Michael Preiss joined an executive director and investment adviser.
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By GlobalDataNalwa said: "We would aim to grow by 20-25% a year, as the industry is very under-served.
"There’s no reason we can’t scale up to the size of the big multi-family offices in Europe and the US, given the size of the market and relative lack of participants," he added.
