The Dubai Financial Services Authority, which regulates companies within the DIFC, said that Montgomery Roth International (Middle East & Asia) claims on its website to be regulated by the DFSA. To view the website click here.
However, the DFSA states that this information is in fact incorrect and that the firm is not regulated by it, nor is it located within the DIFC.
It also describes Montgomery International’s claims as “false, misleading and deceptive”.
In a statement, the regulator warned: “It is a contravention of DFSA Law and Rules for a person to represent that they are regulated by the DFSA, when they are not. The DFSA strongly advises members of the public not to deal with the firm or persons connected with the website.”
According to its website (available here), Montgomery International claims to have $35bn in assets under management for clients in North America, Europe, Australia, Asia and the Middle East.
It describes itself as “a global, full-service investment bank that specializes exclusively in the financial services sector,” offering “banking and insurance companies, real estate companies and REITs, broker-dealers, mortgage banks, asset management companies, and specialty finance companies”.
As reported, the DFSA recently warned investors against using another bank which claimed to be a UK-based subsidiary of the DIFC.
