HSBC sets up asset management operation in UAE

Core Viewpoint - HSBC has launched its asset management operations in the UAE, registering ten onshore investment funds, marking a significant step in its strategy to enhance wealth management services in the region [1][4]. Group 1: Asset Management Operations - HSBC has registered ten onshore investment funds with the UAE's Securities & Commodities Authority, becoming one of the first global asset managers to do so under the UAE's investment fund regulations [1]. - The new funds managed by HSBC Asset Management cover a wide range of asset classes, risk levels, and investment themes, catering to both institutional and retail investors [2]. Group 2: Leadership and Strategic Expansion - James Grist has been appointed as the general manager of HSBC's new UAE asset management entity, responsible for developing the onshore platform and broader investment operations in the country [3]. - The launch of the asset management platform is part of HSBC's broader strategy to expand its wealth management services across the Middle East, North Africa, and Türkiye [3]. Group 3: Investment Plans and Market Positioning - HSBC has outlined plans for increased investment in its UAE wealth division, including the establishment of a new wealth center in Dubai and enhancements to its Premier account services [4]. - The establishment of the onshore fund platform is seen as a major milestone in supporting the UAE's ambition to become a critical wealth hub within HSBC's international network [4][5].