The Middle East and African (MEA) client base of bfinance, an independent investment consultancy firm, will now be served by an office in Dubai in addition to its London headquarters.
To lead the new workplace, Alex Denby (managing director) relocates from London to Dubai, where he is joined by senior colleague Amir Saleem (director, client consulting).
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The company, which will mark its 25th anniversary this year, just finished a management buyout, returning to employee ownership under the continued direction of chief executive officer David Vafai.
With operations in Chicago, London, Sydney, Hong Kong, Toronto, Montréal, Rome, Paris, Amsterdam, and Munich, the new Middle Eastern division represents the company’s eleventh site overall.
For bfinance, the Middle East and Africa (MEA) region has been a major development sector. In 2023, clients in this region accounted for over 20% of the company’s revenues, up from over 10% ten years earlier.
Since 2007, the group has completed over 120 engagements for 40 clients around the region, including Bahrain, Kuwait, Oman, the UAE, Saudi Arabia, Israel, Morocco, Namibia, Botswana, and South Africa. These include pension funds (26%), wealth managers/banks (23%), insurers (15%), endowments/foundations (14%), SWFs (13%), and family offices (7%).
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By GlobalDataAccording to the company, the MEA area is steering some of the most intriguing developments in investment consultancy, with wealth managers and banks accounting for a far higher percentage of the clientele (23%), compared to 6% globally. In the world of international institutional investing, wealth managers are becoming increasingly vital.
Furthermore, bfinance enables Wealth Management firms to offer innovative and viable solutions to their core clientele across a wide range of traditional and alternative asset classes.
Another major aspect influencing the firm’s GCC clients is the expanding scope and depth of Shariah investing opportunities.
The Dubai office will be essential in forging deeper ties with clients in the MEA region and creating innovative bespoke solutions to meet their individual needs.
Denby said: “Our Middle East and Africa business has grown consistently over the last five years. We are excited to open our Dubai office to support our client service offering and deepen local relationships. We believe that investors in these regions will continue to pursue portfolio diversification and innovation over the coming years, strengthening demand for bfinance’s core advisory services.”
Vafai added: “I am very proud to be able to announce our new office in Dubai, continuing the firm’s trajectory of global expansion through recent years. While we have been working with institutional investors in the Middle East since 2007, I believe that this regional office will take our relationships from strength to strength, showcasing our dedication to meeting the evolving needs of our clients worldwide.”
