In response to an increasing number of wealthy individuals relocating to the Gulf, JPMorgan has established a private banking team in Dubai to offer wealth management services.
Reported by Reuters, JPMorgan selected Sebastian Botana de Beauvau and Carol Mushriqui, who join from its Geneva and London offices, respectively, to lead the team.
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The team will serve individuals, family offices, charities, and family foundations throughout the area.
Due to the UAE’s tax-free status, convenient time zones, ease of conducting business, and generally neutral political position, a wider range of investors have chosen to invest, prompting a growth in the number of Western wealth managers operating there.
In June, UBS announced the addition of ten new employees to its wealth management division in the Middle East, following the footsteps of Asian wealth managers and other Western banks like Deutsche Bank and Lombard Odier in their development efforts.
According to consultancy Knight Frank’s recent Wealth Report, the number of ultra-high net worth individuals (UNHWIs) in the Middle East increased by 6.2% in 2023. Globally, this number is expected to rise by 28.1% by 2028. Private banking services are already in high demand in the Middle East, and these latest statistics underscore the importance of ensuring such services meet the unique needs of this discerning group of clients.
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By GlobalDataFurthermore, earlier last month, the JPMorgan Fundamental Data Science (FDS) Suite has been introduced by JPMorgan Asset Management (JPMAM) on the Nasdaq Stock Exchange.
As a result, the JPMorgan Fundamental Data Science Large Core ETF (LCDS), JPMorgan Fundamental Data Science Mid Core ETF (MCDS), and JPMorgan Fundamental Data Science Small Core ETF (SCDS) are the three new active ETFs that make up The Suite, and they use data science into the building of their portfolios.
The adviser manages the funds using an effective investment strategy that combines data science to create a fundamentally selected equities portfolio.
