As global wealth continues to flow into the Gulf, HSBC is strengthening its presence in the UAE by launching a dedicated onshore asset management business and rolling out a new set of locally regulated investment products.
The bank said on Monday it will open an asset management operation in the UAE and introduce 10 onshore funds, marking a deeper investment in the region. The move is aimed at capturing rising demand from clients seeking UAE-regulated investment structures, as the country attracts increasing levels of private wealth.
“Our investment in building an onshore asset management business is about capturing the significant and long-term wealth opportunity in the UAE,” said Dinesh Sharma, HSBC’s Regional Head of International Wealth and Personal Banking for the Middle East and Turkey, in a statement. He pointed to strong client demand for locally regulated products.
The UAE has seen a steady inflow of high-net-worth individuals in recent years. Factors such as ease of doing business, favourable time zones, and a tax-free environment have made the country a preferred destination for global wealth. This trend has prompted several international asset managers to either enter the market or expand their existing presence.
London-headquartered HSBC is also reshaping its global operations as part of a broader overhaul that began in 2024. The bank has been reorganising its business along East-West lines and exiting smaller, non-core investment banking activities. Growth efforts are now focused on regions such as Asia and the Middle East, where long-term wealth opportunities are seen as stronger.
To lead the new UAE asset management entity, HSBC has appointed James Grist as general manager. The bank did not disclose details on the size of the business or staffing levels.
HSBC Asset Management reported assets under management of $852 billion as of the end of September last year, underlining the scale of its global investment platform as it looks to expand further in key growth markets.
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