HSBC has registered ten new investment funds with the Securities and Commodities Authority of the United Arab Emirates and started its onshore asset management business there. The action is a major step toward HSBC UAE asset management’s growth under the country’s changing investment funds framework.
One of the first international asset managers to create and register a domestic onshore fund range in the United Arab Emirates is HSBC Asset Management. The move comes in the wake of recent regulatory changes intended to boost domestic capital markets and entice foreign companies to establish funds with local domiciles.
The new onshore funds from HSBC UAE are designed to provide institutional and retail investors with a variety of international investment options. Investors can create portfolios that fit their objectives, timeframes, and risk tolerance thanks to the ten funds’ diverse asset classes, risk profiles, and themes.
“Establishing our onshore fund platform in the UAE is a major milestone in HSBC’s strategy to support the country’s ambition to be a critical wealth hub in our international network,” said Mohamed Al Marzooqi, CEO of HSBC Bank Middle East Limited.
“By building an asset management business and funds capability here onshore, we are giving investors more choice, more transparency and more ways to grow and protect their wealth in the UAE, into the region and around the world,” he added.
Daisy Ho, CEO of Asia and Middle East at HSBC Asset Management, said the firm is focused on combining global capabilities with local relevance. “We bring global expertise, but we are committed to providing solutions that are accessible and designed with the unique needs of the UAE’s sophisticated investor base in mind,” she said.
As part of the expansion of HSBC UAE asset management, James Grist has been appointed General Manager of the UAE entity. He will lead the development of the onshore funds platform and oversee the growth of HSBC’s broader investment capabilities in the country.