On Monday, HSBC announced the establishment of an asset management entity in the United Arab Emirates, alongside the launch of 10 local investment funds. This initiative aims to bolster its investments in the region and capitalize on the influx of wealth to the UAE.
Dinesh Sharma, the regional head of international wealth and personal banking for the Middle East and Turkey at HSBC, stated in a press release, “Our investment in developing local asset management businesses is designed to seize the significant and long-term wealth opportunities present in the UAE,” highlighting the increasing demand for such organized structures in the country.
In recent years, the UAE has witnessed a surge of high-net-worth individuals attracted by the relative ease of doing business and favorable tax exemptions, prompting several global asset managers to either commence or expand their operations in the region. The London-based bank is currently streamlining its global operations as part of a restructuring initiative that began in 2024, which includes reorganizing its operational divisions along eastern and western lines and downsizing its investment banking subsidiaries, while focusing its growth efforts in regions such as Asia and the Middle East.
The bank also announced the appointment of James Greyst as the general manager for the new asset management entity in the UAE.
As of the end of September last year, HSBC’s asset management unit managed assets totaling $852 billion.