HSBC Opens UAE Asset Management Business
London-based HSBC is further expanding into the Middle East with the launch of a new asset management business in the United Arab Emirates.
HSBC is launching an asset management business in the UAE, according to a statement, with James Grist appointed as general manager of the new entity. The debut will include the introduction of 10 onshore funds.
«Our investment in building an onshore asset management business is about capturing the significant and long-term wealth opportunity in the UAE,» commented Dinesh Sharma, the bank’s regional head of international wealth and personal banking for the Middle East and Turkey.
The latest expansion is part of HSBC’s broader strategy of growing in the Middle East, which includes the recent opening of its first wealth center in the region in Dubai last year.
