Ajman Bank has opened its first dedicated wealth management branch in Jumeirah, Dubai to serve its high net worth customers.
The branch will give HNWs direct access to its financial and wealth management experts specialised in its suite of investment products and services.
The Ajman Wealth solutions are Sharia-compliant and tailored to serve the individual’s business and investment needs.
Mohamed Amiri, chief executive of Ajman Bank, said: “Our objective with the new Ajman Wealth management branch in Jumeirah is to be a distinctive all-encompassing space that delivers personalised and superior banking and investment services crafted around the customers’ lifestyles and financial priorities.
“As we continue to grow our business, we will look to open more of such facilities in the future.”
Multi-family office
International multi-family office McFaddens & Co has established a UAE office in a bid to expand the group’s operation in the Emea market.
It will offer clients investment, wealth management, philanthropic and lifestyle services. The hub adds over $300m (£212.3m, €246.7m) to the group’s assets under management.
The UAE office provides a “foothold to expand into the wider region and forms a key pillar of McFaddens & Co’s ambition to become a leading provider of family office services in the Apac and Emea regions”.
The operation will be led by Nathan Tolman, who joins McFaddens & Co as a director. He founded Offshore Management Consulting FZE in 2004.
Max Eppel, chief executive of McFaddens & Co, said: “The Middle East is home to nearly 200 billionaires and more than a million high net worth individuals, yet the region is underserved by the multi-family office market. We are committed to meeting this demand by offering a multi-family office service that truly understands our clients’ needs.
“From our hub in the UAE, we have ambitious multi-phased plans to expand the reach and breadth of our offering across the Middle East and other fast-growing markets globally.”
This comes after international firm GSB Capital rolled out a wealth management service in Dubai and banking giant HSBC confirmed plans to create a global wealth management hub in the UAE by 2024.
