Q: As an IAM, working with private banks for intermediary services is hugely important. Which services are the most important for you when deciding banks to work with and how could banks improve their offering for IAMs based out of the Middle East?
A: We favour top-tier banks that are well established, reputable and solid. Within these, we would favour banks where we are able to negotiate reasonable conditions for our clients and ideally those that offer very competitive all-in fees, having opted for a model of independence favouring rebates to our clients rather than kickbacks for us. We look for high-quality execution capabilities and responsiveness. A state-of-the-art IT system that matches our infrastructure to feed our database and software (online portal, consolidation system, portfolio execution system). Finally, having access to their internal research is also highly desirable.
Q: The UAE is becoming a fast-growing hub for IAMs. Why is the UAE attractive for IAMs to be based in, from a business and client perspective?
A: Firstly, from a business perspective, the influx of high-net-worth individuals in the region is a highly supportive element, especially in the UAE, where the government has opened doors for them to live a comfortable, high-quality and hassle-free life. The FATF recently took the UAE off its grey list, further enhancing the attractiveness of the jurisdiction.
Secondly, the UAE is quickly becoming a hub for innovation driven by entrepreneurship, research and development and flexibility.
Thirdly, from a client’s perspective, the international banking network provided by IAMs can help clients secure industry leading services at the best price.
Finally, IAMs are well equipped to provide strong independent expertise across many asset classes and regions globally.
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