According to the statement from ADGM on Wednesday, the investment bank claimed on its website that it had private offices in the financial centre and provided services there.
“RGIB has not been granted a Financial Services Permission as an Authorised Person or [as] an Exempt Person and is not an entity with any presence both legally and physically with ADGM,” the statement read.
“The FRSA is concerned that RGIB is misrepresenting itself. Furthermore, such misrepresentations may be linked to other illegal activities.”
The regulator strongly advised that the market and investors be aware and cautious of RGIB and/or of persons claiming to be acting on its behalf.
FRSA added: “Under no circumstances transfer nor send money/assets to this named entity. Communications with RGIB is at the investor’s own risk.”
The claim of having an office/presence in ADGM has since been removed from RGIM’s website, the regulator stated.
However, International Adviser was unable to locate the website, suggesting that it may have been taken down.
Despite its name, there is no evidence that RGIB is in any way related to Rothschild & Co, which has Rothschild Global Advisory offices in Dubai and Abu Dhabi.
