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Asia wealth managers flock to Dubai as clients look to diversify

VCCircleVCCircle · 2y ago
Asia wealth managers flock to Dubai as clients look to diversify
Medial

A growing number of wealth managers in Asia are establishing offices in Dubai to take advantage of warming relations between China and the Middle East. They anticipate increased demand from clients for geographical diversification. Dubai is becoming a preferred wealth hub for entrepreneurs and rich families in Asia, particularly China, due to favorable policies and business expansion opportunities. The Middle East has grown in importance for China amid strained relations with the US. Factors such as post-COVID economic rebound, tax-free status, and ease of doing business have contributed to the region attracting wealthy individuals. Singapore and Hong Kong have traditionally been the preferred offshore wealth hubs in Asia, but some clients are now seeking diversification and exposure to new investment opportunities. The Middle East has seen an increase in its high net worth individual (HNWI) population, and the UAE had the highest net inflow of millionaires globally in 2022. Wealth managers are capitalizing on this trend by setting up offices in Dubai.

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Dubai and Abu Dhabi race to lure world's wealth managers

VCCircleVCCircle · 1y ago
Dubai and Abu Dhabi race to lure world's wealth managers
Medial

Abu Dhabi is making a name for itself as a desirable location for wealthy individuals and asset managers, rivaling Dubai as a leading financial center in the United Arab Emirates (UAE). While Dubai has traditionally been the region's financial hub, Abu Dhabi is actively diversifying its economy and leveraging its significant oil wealth to attract non-oil industries and investment. This shift has led to an influx of money managers and hedge funds, as well as major asset management firms setting up operations in Abu Dhabi. The city's regulatory environment and its ambition to become a global center for the crypto industry are also drawing investors. However, Dubai still maintains an advantage with its long-established international finance industry, vibrant entertainment scene, and iconic landmarks.

Top UBS banker in Australia sees role helping ultra-rich invest abroad | Company Business News

LivemintLivemint · 1y ago
Top UBS banker in Australia sees role helping ultra-rich invest abroad | Company Business News
Medial

UBS Group AG expects wealthy Australians to look for more investment options outside the country in order to diversify their assets. The firm's Australasia joint country head, Anthony Sweetman, is focused on maintaining and strengthening their market position in Australia as investor demands evolve. The increase in wealth and growing demand for wealth services in Australia is expected to drive this shift towards global investment. UBS's strong results, driven by trading and cost control, further support their focus on key markets like Australia and Singapore in the Asia-Pacific region. Additionally, Sweetman predicts an influx of foreign investment in Australia due to its positive growth outlook and attractiveness for foreign companies.

InCred Wealth crosses Rs 1 lakh Cr in AUM within 6 years of launch

EntrackrEntrackr · 20d ago
InCred Wealth crosses Rs 1 lakh Cr in AUM within 6 years of launch
Medial

InCred Wealth has grown to over $10 billion, or more than Rs 1 lakh crore, in assets under management. The Mumbai-based firm reached this scale in six years, which market participants attribute to consistent execution and a strong team across leadership and client-facing roles. InCred links its hiring strength to founder Bhupinder Singh’s track record. Singh spent over two decades at Deutsche Bank before founding InCred in 2016. The unicorn status of InCred Finance in 2023 has further added to the group’s credibility with senior professionals and clients. As per the firm, InCred Wealth now has over 700 relationship managers serving family offices, ultra-high-net-worth individuals, and emerging affluent customers. “Beyond conventional advisory, we have expanded access to global and private-market opportunities for our clients, including curated exposure to late-stage private companies, overseas themes, and alternative strategies,” said CEO Nitin Rao in an interaction with Entrackr. Rao has been with InCred Wealth since its inception in 2020. Highlighting InCred Wealth’s approach, Rao said the firm was built “from the ground up” with the aim of bringing global-quality ideas into Indian wealth management. Alongside its domestic business, InCred Wealth has also built an offshore platform, InCred Global Wealth. “We manage more than $3 billion in assets through teams based in Singapore, Dubai, and London,” Rao said.

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