HSBC is establishing an asset management business in the UAE and 10 onshore funds, it announced on Monday, as the bank ramps up its investment in the region and capitalizes on an influx of wealth into the Gulf country.
HSBC’s Regional Head of International Wealth and Personal Banking for the Middle East and Turkey, Dinesh Sharma, said in a statement, “Our investment in building an onshore asset management business is about capturing the significant and long-term wealth opportunity in the UAE.” He cited that demand for such structures is regulated in the UAE.
Over the past few years, the nation has seen an influx of high-net-worth individuals, drawn by the relative ease of conducting business, convenient time zones, and tax-free status, prompting a number of global asset managers to establish or increase their presence here.
London-based HSBC has been reducing its global activities as part of a revamp initiated in 2024, including restructuring operating lines along the East-West axis and disposing of sub-scale investment banking units.
It has also directed its growth strategies to areas like the Asian and Middle East regions. The bank reported in the statement, without indicating the size of the business and employees, that it has introduced James Grist as the general manager of the new UAE asset management business.
As of the end of September last year, HSBC Asset Management had assets under its management totaling to $852 billion.
