Nomura Launches Wealth Management Business in Dubai, Opens Premises in DIFC

Nomura announced the expansion of its International Wealth Management business with new premises in Dubai International Financial Centre (DIFC), the global financial hub in the MENA and South Asia region.

Nomura announced last year that it would “open a branch of Nomura Singapore Limited in DIFC to expand its client franchise and increase the footprint of its relationship managers.”

It has since obtained “a Category 4 license from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC.”

The move marks Nomura’s commitment “to expanding its presence in the region by catering to the growing demand for high-quality wealth management services and comprehensive financial solutions from its clients in the MEASA market.”

The announcement also reinforces DIFC’s commitment “to provide a conducive environment for businesses in the region, to further drive economic growth.”

The firm’s International Wealth Management arm “will primarily serve high-net-worth individuals (HNWIs), single family offices, and external asset managers in the UAE and broader Middle East region, including the Gulf Cooperation Council (GCC).”

Nomura International Wealth Management “joins a DIFC ecosystem of over 300 wealth and asset management firms that comprise a USD500 bn asset management market in terms of AUM.”

Arif Amiri, CEO of DIFC Authority, said:

“We are delighted to see Nomura’s growth plans flourish in DIFC, Dubai and the region. With over USD3 trn of private wealth within an hour’s flight of the city, and access to a combined GDP of USD8 trn across the MEASA region, there continues to be strong demand for global wealth and asset management firms establishing and expanding premises in DIFC.”

Ravi Raju, Head of International Wealth Management, 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 plays a critical role in leading and “shaping the future of finance by creating an environment that attracts talent, spurs innovation and fosters growth and development.”

With its strategic location and business-friendly policies, DIFC “provides an ideal platform for Nomura to expand its operations and cater to a wide range of clients.”

Dubai is home to more than 55,000 HNWIs. Over USD3 trn of private wealth is “accessible within an hours flight of the city and the MEASA region combined represents USD8 trn of GDP.”

The 33rd edition of the Global Financial Centre Index “classifies Dubai as one of the top 10 financial centres in the world ranked as a global leader with a broad and deep offering.”

As noted in the update, Nomura’s International Wealth Management office at DIFC is “led by Adil Khan, senior executive officer. Rohit Garg has joined as Head of Compliance & MLRO and has more than twenty years of experience in the legal and compliance function.”

Prior to joining Nomura, he worked “at DBS, Credit Suisse and ABN Amro in similar roles.”

Nomura also announced the appointment of six relationship managers to strengthen its wealth management relationship centre at DIFC.

For more details, check here.

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