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DUBAI (Reuters) – Swiss-based Edmond de Rothschild Group, which specialises in asset management and private banking, is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients.
The investment firm has obtained a licence from the Dubai International Financial Centre (DIFC) that will allow it to advise clients locally and provide access to the entire group’s offerings, it said in a statement on Tuesday.
It previously had a representative office in Dubai, but said the new office will “enhance” its ability to serve clients in the region.
“Dubai is the city in the Middle East with the highest concentration of wealth and has access to more than $3 trillion of private wealth within an hour’s flight,” Essa Kazim, governor of the DIFC, said in a statement.
The DIFC registered record breaking growth last year, with the number of active companies in the Gulf’s financial hub up by a fifth year on year to 4,377, driven by fintech and innovation firms.
DIFC has about 60 hedge fund firms with north of $1 trillion in assets under management waiting to be licensed, Kazim said last week.
A growing number of hedge funds have set up shop in Dubai, attracted by lower licensing fees and capital requirements for the industry, including Millennium Management, ExodusPoint Capital Management, BlueCrest.
Private equity firm General Atlantic on Monday appointed Samir Assaf as chairman of the Middle East and North Africa, a newly created role as the firm deepens its focus on the Middle East, it said in a statement.
French private equity firm Ardian said last month it was opening an office in neighbouring Abu Dhabi, the UAE’s capital, while CVC opened an office in Dubai last year.
