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HSBC has announced plans to launch an onshore asset management business in the UAE, rolling out 10 locally domiciled investment funds as it deepens its focus on the region. The move targets rising wealth flows into the country, driven by high-net-worth individuals and family offices relocating to the UAE. HSBC said the platform will offer UAE-regulated investment products tailored to local market needs. The initiative aligns with the bank's broader strategy to prioritise Asia and the Middle East as key growth markets. The UAE's stable regulation, tax-free environment, and global connectivity continue to attract global banks expanding their wealth and asset management presence.
HSBC recently announced that it was setting up an onshore asset management business in the United Arab Emirates. The bank will roll out 10 locally domiciled investment funds, as it steps up its focus on the region and looks to tap rising wealth flows into the country. Advertisement
The move comes amid strong growth in the UAE's wealth management market, driven by an influx of high-net-worth individuals and family offices over the past few years. HSBC said the new platform will cater to clients seeking investment products that are regulated and based within the UAE.
Dinesh Sharma, HSBC's Regional Head of International Wealth and Personal Banking for the Middle East and Turkey, said the decision reflects the scale of the long-term opportunity in the country. He noted that demand for onshore asset management structures has been increasing as investors look for locally regulated solutions aligned with regional market needs.
The UAE has emerged as a key destination for global wealth, supported by business-friendly policies, a stable regulatory environment, and its tax-free status. Its geographic location and time zone also make it an attractive base for investors with interests across Europe, Asia, and Africa. As a result, several global banks and asset managers have either entered the market or expanded their presence in recent years.
HSBC's announcement is part of a broader strategic shift underway at the London-headquartered bank. Since 2024, HSBC has been restructuring its global operations, including reorganising its business along East-West lines and exiting smaller or less profitable investment banking activities. The bank has identified Asia and the Middle East as core growth regions and has been increasing investment in both markets.
As part of the new initiative, HSBC has appointed James Grist as General Manager of the UAE asset management entity. The bank did not disclose details on the size of the business, staffing levels, or the specific asset classes that the new funds will focus on.
HSBC Asset Management is one of the world's large investment managers, with assets under management of USD 852 billion as of the end of September last year. The UAE onshore platform will operate alongside the group's existing international asset management and wealth offerings in the region.
The launch of locally domiciled funds is expected to strengthen HSBC's ability to serve both regional and international clients based in the UAE, including high-net-worth individuals, institutional investors, and family offices.
Industry observers note that competition in the UAE's asset management space is intensifying, as global financial institutions position themselves to benefit from sustained capital inflows into the Gulf. HSBC's latest move signals confidence in the depth and durability of the UAE's wealth management market, even as global banks reassess their footprints in other regions.
The bank said further details on the rollout of the funds and the expansion of the platform will be shared in due course.
Source: Reuters
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