The bank also announced that it registered 10 new onshore investment funds with the UAE’s Securities and Commodities Authority, it said in a Monday (Jan. 12) press release.
The new onshore funds will offer retail and institutional investors access to globally diversified strategies domiciled in the UAE and managed by HSBC Asset Management’s network of investment specialists, according to the release.
HSBC also announced that it appointed James Grist general manager of the UAE entity. In that role, Grist will be responsible for leading the growth of the onshore funds platform and broader investment capabilities in the UAE, per the release.
The bank’s establishment of this business was driven by the UAE’s regulatory reforms designed to encourage global asset managers to establish domestic funds in the country and deepen local capital markets, as well as the UAE’s status as one of the world’s fastest-growing wealth destinations, the release said.
“Establishing our onshore fund platform in the UAE is a major milestone in HSBC’s strategy to support the country’s ambition to be a critical wealth hub in our international network,” Mohammed Al Marzouqi, CEO, UAE, HSBC Bank Middle East Limited, said in the release. “By building an asset management business and funds capability here onshore, we are giving investors more choice, more transparency and more ways to grow and protect their wealth in the UAE, into the region and around the world.”
Other companies have been growing their businesses in the UAE as well.
When Visa began the rollout of Visa Private in the UAE, the company said that the country was forecast to see a net inflow of about 9,800 millionaires in 2025.
Revolut said in September that it had been granted in-principal approval for licenses from the Central Bank of the UAE and that this was a pivotal step for the company in the region.
Mastercard and Worldpay teamed up in August to streamline money movement for consumers and businesses in the UAE.