Farringdon Asset Management has set up a separately-capitalised category 4 retail financial advisory business in the Dubai International Financial Centre (DIFC).
Called Farringdon Capital, it will be headed by chief executive Stuart Yeomans.
The latest venture will allow the external asset manager to expand its service offering to retail clients.
Farringdon AM secured a category 3C fund management licence from the Dubai Financial Services Authority (DFSA) in March 2019.
The company also has offices in Kuala Lumpur, Singapore and Labuan.
Onshore and offshore
“We continue to see great potential in Dubai and the DIFC with our new expanded offering to retail clients,” said Yeomans.
“Many clients and advisers are turning to the DIFC as it offers one of the best regulated and most efficient jurisdictions, not just in the region but in the world.
“We are now looking to substantially grow the team here in the DIFC.”
He added: “The strong reputation of the DIFC and our ability to advise retail clients on both onshore and offshore products gives us an unparalleled capability to assist both clients and advisers in reaching their goals.”
Dominant hub
Farringdon Capital director Martin Young commented: “After the dip of recent years, Dubai appears to be weathering the storm of the pandemic better than almost anywhere else.
“With the Expo this year and the increasingly business friendly approach of both the Dubai and UAE authorities, we see great potential for Dubai to continue to be the dominant hub in the Mena region and a key part of the region’s continuing move away from reliance on fossil fuels.”
