“A New Era Of Riches”
Global Finance | July 28, 2021
A large number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) live in the Middle East, and their numbers are growing. Enriched by decades of oil and gas revenue, the region has become an important wealth-management hub.
In an article in Global Finance, our expert Sailaja Devireddy, Global Head of Fund Marketing Solutions, highlights how independent advisers and family offices are eroding the private banking sector’s market share in the Middle East.
Extract from the article- “Advisory firms, such as single- or multifamily firms, have seen steady growth in markets such as the UAE. Clients in the Middle East demand holistic portfolio aggregation and management services…They also need strong oversight from an experienced advisory team in a family office…Family offices pool bank resources at a much lower cost, leading to more-favorable cost-to-income ratios than bigger players.”