International wealth manager Nomura has opened an office in the Dubai International Financial Centre (DIFC).
This comes eight months after the firm received in-principle approvals from the Monetary Authority of Singapore (MAS) and Dubai Financial Services Authority (DFSA) to open a wealth management office in Dubai.
The operation will focus on serving high net worth individuals, single family offices and external asset managers in the UAE and broader Middle East region.
Ravi Raju, head of international wealth management at Nomura said: “DIFC has long established itself as the Middle East’s de facto financial hub and international financial centre.
“Our on-the-ground presence here will help us better tap into the vast pools of wealth in this region, to complement our strategy of serving clients across greater China and southeast Asia as well as the global NRI segment.”
DIFC demand
The DIFC has attracted several notable financial giants recently and the total number of wealth and asset management companies in the financial centre has increased to over 300 – including St James’s Place.
International Adviser reported that financial services giant Edmond de Rothschild Group and Holborn Assets received DFSA approval to open an advisory office in the DIFC.
Some firms which joined the DIFC in 2022 included Octogone Group, Continental Group International, Habib Bank, Alpadis Group and Finsbury Wealth.
