Wealth manager St James’s Place is reportedly planning to open its first offices in the Middle East by the end of this year in a bid to lure wealthy European expatriates.
The new practices are expected to be based in Dubai and Abu Dhabi, and the firm is also considering the option of Qatar, The Financial Times has reported.
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St James’s Place head of investor relations Tony Dunk told the FT, "We are actively pursuing this and will be disappointed if we don’t have something by the end of this year."
The company said that it was eyeing organic growth rather than acquisitions in the Middle East.
Dunk said that the firm intends to send senior staff from the UK to set up its presence there, and deliver a wealth management proposition similar to its UK model.
The wealth manager aims to capitalize on its conservative, upmarket British image and reputation for face-to-face customer service, and serve wealthy expats moving between different locations overseas.
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By GlobalDataSt James’s Place is already in talks with UAE regulators about setting up the new practices which will help it make a foray into the Gulf market.
The company has already opened rebranded offices in Hong Kong and Singapore, following its acquisition of the east and Southeast Asia-focused Henley Group in 2014.
