The announcement comes weeks after the advisory firm was granted a broker licence by the UAE’s Insurance Authority (IA), giving it permission to offer insurance advice via its new unit Prestige Insurance Brokers.
The broker licence is the fourth issued by IA this year and signals that the industry regulator may be open to widening the market. Prior to 2015, the IA had not issued a licence in five years.
The watchdog granted similar permits to Ascot & Fitch Insurance Brokers, Unity Insurance broker and Guardian Wealth Management in the first quarter of 2016 – matching the total number it issued in the whole of 2015.
Craig McConnon, the group’s chief executive, said “Market conditions have been and will remain challenging for investment returns. It is our duty as an advisory group to ensure we are reducing cost of investment and increasing quality for our clients”.
Meanwhile, Quilter Cheviot’s Keith Owen, said the company was pleased to be working with a “select number” of IFAs in the Middle East, “where the demand for tailored investment solutions in the high net worth sector is strong”.
