Managed accounts platform Praemium is set to increase headcount in the UAE by 50%.
The Australia-headquartered firm is growing its support function in the region to 15 from 10; and is moving to premises that can accommodate up to 20 people.
Speaking to International Adviser, chief operating officer Mark Sanderson said that the recently-enacted BOD49 regulation really underscored the importance of having a local presence.
“It really pays off to put people on the ground, especially during times of change, to be here to support firms.
“If you truly want to be a partner, you have to be on the ground to provide that support and to really understand their business.”
Robust response
Sanderson continued: “In terms of inbound enquiries, this has been the busiest month we have ever had in the Middle East.
“Firms are recognising the changes and are thinking about their businesses in the long-term. I’ve been really impressed with how the market has developed and how robust the businesses want to be.”
He added: “They seem to have embraced the change.”
