Discretionary investment management company Quilter Cheviot, part of Old Mutual Wealth, which can trace its heritage back to 1771, has been granted approval to open a new representative office in the Dubai International Financial Centre (DIFC) under the business name Quilter Cheviot Limited.

The London-headquartered company has a UK-wide office network, along with operations in Dublin and Jersey, and currently has some £17.8 billion ($25.7 billion) of assets under management.

It already has a substantial and growing international client base, which is managed out of its Jersey base. The move will enable the firm to capitalise on this growing international business, with Dubai acting as a hub for profile-raising opportunities in the region.

The Dubai representative office, which is officially launched today, will be overseen by the company’s head of international, Tim Childe, who is also head of the Jersey office.

Childe said: “We believe there is a significant opportunity for us to raise awareness in the Middle East of our discretionary management services offered in Jersey. The new representative office will enable us to expand our reach and take full advantage of these opportunities.”

“The United Arab Emirates is home to some world-leading intermediaries and we believe our bespoke approach to investment management, combined with our record for performance, will provide an attractive alternative to the services offered by private banks,” he added.

Mark Leale has taken on the newly appointed role of head of Dubai office and principal representative, supported by senior regional representative Keith Owen. Between them they have more than 26 years combined experience in wealth management in the Middle East.

The launch of the Dubai representative office follows the acquisition of the company by Old Mutual Wealth. Old Mutual International, part of Old Mutual Wealth, is an established provider in the region, with an office in the DIFC.

Brendan Dolan, regional director, Middle East and Africa, Old Mutual International, commented: “In Dubai there is strong demand for tailored investment solutions for high net worth investors, and the launch of the Quilter Cheviot representative office has generated significant interest from advisers. High net worth investors will be reassured by Quilter Cheviot’s heritage and award winning research capability and performance.  This fits well with the trend we are seeing in the region for advisers to outsource investment solutions, shifting their business model away from investment selection to the financial planning needs of their clients.”

The DIFC is the Middle East’s hub for financial services, providing a robust regulatory framework and a platform for businesses to connect to international marketplaces.

Quilter Cheviot focuses primarily on structuring and managing bespoke discretionary portfolios for private clients, charities, trusts, pension funds and intermediaries. – TradeArabia News Service