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Middle East Wealth Management Forum 2020 - Exclusive Insights - Nirav Dinesh Kumar Shah - 2

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1. For Families utilising the UAE as a FO/MFO location where are the optimal booking centres for liquid assets – are we observing changes to the traditional booking centres (London and Switzerland) in favour of other centres (Singapore or Hong Kong)?

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1. For Families utilising the UAE as a FO/MFO location where are the optimal booking centres for liquid assets – are we observing changes to the traditional booking centres (London and Switzerland) in favour of other centres (Singapore or Hong Kong)?

UAE is comparatively a fairly new centre for hosting or locating a family offices or multifamily offices. The London all have been there for years. Singapore and all have already started catching up, and they are much more advanced in terms of locating families, mostly from the Asian side. When it comes to booking centre for investment, in fact Singapore is much more preferred even though clients could be in the west or in the UAE. And most of the banks here also offer both the booking centres, being Singapore or Switzerland. So booking centre wise, they both are at par, and UAE has not been preferred for various reasons, which needs to change if the IFC wants to get to that level of being a financial centre. But as a location for a family office or a multi-family office, UAE is picking up, particularly for the African and the Arab families, because of the ease of hosting them here. And then from here, all the professionals being available to manage their investments across the globe, wherever they like.

 

 
 
 
 

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