The former head of key clients, emerging markets at Swiss private bank Julius Baer has set up a private wealth advisory business.
Ali Jamal has opened global wealth services firm Azura, which will serve clients from its offices in Mayfair and Monaco.
It is looking to “disrupt the established global private banking and ultra-high net worth (UHNW) advisory market”, and plans to increase assets under management to $5bn (£3.91bn, €4.4bn) by 2022 from the $2bn it has already.
Azura told International Adviser that the firm is targeting “entrepreneurial global citizens” with a net worth of around $250m.
It added: “Through offices in London and Monaco, Azura is able to serve clients in any jurisdiction and plans to expand its presence from its current offices into Asia and Switzerland in the near future.
“Azura’s existing client base consists of the class of UHNW entrepreneurs and global citizens who have ambitions exceeding the current offering provided by the majority of private and investment banks.”
Offering
The firm will offer independent asset management, global multi-family office and deal advisory capabilities to clients.
Through an independent, open architecture platform, Azura will provide advice across all major asset classes and access investment products from financial institutions.
Jamal will be supported by Karim Lari, the co-founder of the global modelling and analytics group at Credit Suisse, and Ben Leung, who is the former head of trading and macro research at Broadpoint Asset Management.
Disruptor
Jamal, founder and chairman of Azura, said: “We are disrupting an industry which is failing to meet the needs of an elite, global class of investor.
“At the core of our philosophy is collaboration – a focus on uniting like-minded, entrepreneurial investors and building long-term, meaningful relationships.
“This enables Azura to originate cross-client deals across the globe and execute them at the highest level.”
Jamal was also previously Julius Baer’s head of UHNW for southern Europe, Middle East and Africa.
Growth
IA asked the firm how it will bolster its wealth management team.
Azura said that hires will be attracted by a combination of factors, including:
- Team acquisitions from Tier 1 global institutions;
- Attractive remuneration packages and equity partnership possibilities; and
- An ‘open architecture’ philosophy, which allows the industry’s top talent to optimise their performance without conflict of interest.
