A blockade of Qatar by Saudi Arabia, the UAE, Bahrain and Egypt is now in its fourth month.
In correspondence seen by International Adviser, the firm said that the situation has “created operational difficulties” and, as part of its global restructuring programme, “Globaleye has decided to cease its operations in Doha”.
“This obviously means that your previous wealth manager, as a result of this decision, cannot represent Globaleye in Qatar in any capacity with immediate effect,” the company said.
Online services
Globaleye said that although it will no longer be able to provide on-the-ground services, client files will be reallocated to the firm’s Dubai head office and support will be extended through Globaleye’s online systems.
However, the company added that while it believes its online services and customer relationships management team in Dubai will be able to service Qatar-based clients, “we appreciate that you may wish to move your servicing rights to another company in Qatar”.
Globaleye said it “would respect such a decision”, but recommended clients seek its guidance to find a suitable replacement.
Dearth of advice firms?
Qatar has seen several advice firms exit in recent years.
In April, Middle East advisory firm Prestige Wealth Solutions (PWS) decided to close its Qatar office after conducting a strategic business review.
Similarly, Guardian Wealth Management departed in February 2016, shortly after gaining a broker licence with the region’s Insurance Authority.
