HSBC Establishes Asset Management Business in UAE

Core Viewpoint - HSBC has launched an asset management business in the UAE, aiming to enhance its wealth franchise in the MENAT region, driven by regulatory reforms and the UAE's growth as a wealth destination [1][4]. Group 1: Business Launch and Strategy - HSBC has registered 10 new onshore investment funds with the UAE's Securities and Commodities Authority [2]. - The new funds will provide retail and institutional investors access to globally diversified strategies managed by HSBC Asset Management [3]. - The establishment of the onshore fund platform is a significant milestone in HSBC's strategy to support the UAE's ambition as a wealth hub [5]. Group 2: Leadership and Growth - James Grist has been appointed as the general manager of the UAE entity, responsible for leading the growth of the onshore funds platform [3]. - The asset management business aims to offer investors more choice, transparency, and ways to grow and protect their wealth [5]. Group 3: Market Context - The UAE's regulatory reforms are designed to attract global asset managers and deepen local capital markets [4]. - Other financial companies, such as Visa and Revolut, are also expanding their operations in the UAE, indicating a growing market for wealth management services [6].