Global expat advice group Holborn Assets has received a category 4 licence from the Dubai Financial Services Authority (DFSA) to set up an office in the Dubai International Financial Centre (DIFC).
This will complement its existing Insurance Authority licence in the UAE.
The Dubai-headquartered firm will look to utilise the DIFC licence to expand its high net worth offering in the marketplace and build stronger ties with firms operating in the centre.
Holborn holds licences in the UK, US, South Africa, Hong Kong and Europe and is looking to expand its headcount by 20% in 2023.
Robert Parker, chief executive of Holborn Assets, said: “The acquisition of a DIFC licence will allow Holborn to offer a broader and improved range of services to our HNW clients, including structured finance solutions, premium asset and investment managers, and opens the door to a suite of investment banks and HNW insurers.”
Simon Parker, chief operating officer of Holborn Assets, added: “We have grown exponentially over the last five years opening 22 offices in 17 countries, but the obtaining of the DIFC licence was a priority of the board and will serve as the platform for our next phase of growth.”
Demand for the DIFC
This comes at a time where many financial services groups are looking to set up in the DIFC.
On 28 February, International Adviser reported that financial services giant Edmond de Rothschild Group opened an advisory office in the DIFC.
The number of DFSA-regulated financial entities grew to 590 with 89 financial service firms authorised in 2022. This is up from 51 authorised in 2021.
Some firms which joined the DIFC in 2022 included Nomura, Octogone Group, Continental Group International, Habib Bank, Alpadis Group and Finsbury Wealth.
