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Mark Leale

Firm sees big growth for financial services in UAE

DUBAI, April 24, 2017

The UAE continues to be a buoyant and lucrative market for financial services firms, said the head of the Dubai office of Quilter Cheviot, part of UK-based investment fund Old Mutual Wealth.

The investment management firm established its representative office in the Dubai International Financial Centre (DIFC) 12 months ago.

Since then its performance in the Mena region has exceeded expectations due to market trends in long term saving investments, new regulations and more knowledgeable investors.

Quilter Cheviot expects this growth to continue as the International Monetary Fund forecasts Emirati economic growth will strengthen to 2.5 per cent this year and 3.1 per cent in 2018.

Mark Leale, head of Quilter Cheviot’s Dubai representative office and principal representative, added: “It was debated if this was the right time to open an office, but we knew there was demand in the region for our specialist expertise and service.

“Popularity for our bespoke investment management offering has continued to grow, but even our own lofty expectations have been surpassed with financial advisers and their clients showing an ever-increasing desire to have their portfolios managed by investment experts. We are confident our second year will bring us even more success and that the sector in the UAE will continue to go from strength to strength.”

Quilter Cheviot offers its clients a Discretionary Fund Manager (DFM) service - an investment expert who actively manages investment portfolios on behalf of clients. They work together in partnership with financial advisers, enabling advisers to focus on the financial planning aspects while they focus on managing the investments.

DFMs are growing in popularity around the world with many forward thinking financial adviser firms in the Middle East beginning to see the benefits in outsourcing such an important element of their advice service to the investment experts.

Another factor aiding Quilter Cheviot’s success is that the region’s regulatory environment continues to evolve, a company statement said.

Earlier this month the Dubai Financial Services Authority joined 21 regulators from the International Forum of Independent Audit Regulators’ (IFIAR).

The IFIAR is made up of 52 independent audit regulators from around the world including UK's Financial Reporting Council (FRC) and the US' Public Company Accounting Oversight Board (PCAOB). It was set up in 2006 as a forum for regulators to share knowledge of the audit market environment.

“We’ve had a lot of support from some of the most reputable adviser firms in the country this year and that has been extremely helpful to us, but other market conditions have also worked in our favour,” Leale said.

“The financial sector in the Middle East is becoming more regulated and the investors are becoming more knowledgeable about their investments. Both of these factors work well for us as our investment expertise offers strong returns and more actively managed portfolios that are tailored to each client.”

Craig McConnon, CEO of Dubai-based Prestige Wealth Solutions said: “Although long overdue, the arrival of Quilter Cheviot has been a very much welcomed one for the region. Its market leading DFM proposition has been a delight to take to market which, transparency and performance aside, has been complimented by both the local office and international backbone of expertise that Quilter Cheviot is renowned for.

“Our working relationship with Quilter Cheviot has undoubtedly assisted in securing new clients, as well as given us the ability to enhance existing client relationships with the introduction of both Managed Portfolio Services (MPS) and Discretionary Portfolio Services (DPS) services.”

Another intermediary partner of Quilter Cheviot is Guardian Wealth Management.

The company’s regional head in Dubai, Hamzah Shalchi, said: “Since working with Quilter Cheviot in the Middle East, we have been astonished with the level of technical, sales and face to face support. The brand carries a fantastic reputation with a unique solution to clients, which excels from anything else in the market.”

Quilter Cheviot is keen to help the financial sector in the UAE become more knowledgeable. It is celebrating its first birthday today (April 24) by partnering with The Chartered Institute for Securities & Investment (CISI) to offer a Continued Professional Development (CPD) course on Effective Portfolio Construction and Management. – TradeArabia News Service




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