The Dubai office of investment management firm Quilter Cheviot has received a Category 4 licence.
It previously operated within the Dubai International Financial Centre (DIFC) as a representative office.
The licence will allow the team to advise and on-board clients and service relationships on the ground.
While investors in the DIFC will now be able to speak directly to the Dubai office, the portfolios will continue to be looked after by investment managers in Quilter Cheviot’s Jersey office.
The Dubai Financial Services Authority (DFSA) has also granted Quilter Cheviot’s Dubai office a retail endorsement to its licence, allowing the local team to assist a cross-section of both professional and retail clients.
The upgrade will allow the team to work more closely with adviser partners.
Build stronger relationships
The firm’s Dubai representative office opened in April 2016, headed up by Mark Leale.
Leale and regional development manager Keith Owen are based in Dubai on a full-time basis.
“Investors in the Middle East are now far more knowledgeable about their investments, and pleasingly many are opting for the services of a discretionary fund manager to help them meet their financial goals,” said Leale.
“To now be able to advise clients on their investments and work more closely with the financial adviser community will undoubtedly help us to build stronger relationships with them.
“We have seen great success in the region and will look to continue building relationships with financial advisers, private clients, family offices and professional service providers.
“All our clients benefit from the service of having a fully-qualified investment manager as their relationship manager, and each portfolio is tailored to meet their own unique circumstances.”
Middle East expansion
The Quilter group is looking to expand further in the Middle East to increase its financial services offering.
Old Mutual International (OMI) is hoping to mimic Quilter Cheviot’s success and told International Adviser it is pursuing a Securities and Commodities Authority (SCA) licence in the UAE.
But it is unknown when OMI will obtain the SCA licence.
