Gibraltar-based advisory firm Blacktower Financial Management has announced plans to establish a fully regulated presence in the UAE.
The wealth manager has applied to the Dubai International Finance Centre (DIFC) and is apparently in the “final stages” of receiving regulatory approval.
“As part of the Group’s continuing growth plans, this is a market we’ve been monitoring closely for some time, and we know there is real opportunity and great potential for the group in Dubai,” said Blacktower chairman John Westwood.
The firm aims to establish its presence in Dubai “as soon as possible,” added Westwood.
Should Blacktower receive all the necessary regulatory approvals, it would mean that the DIFC has attracted over 300 wealth and asset managers to the emirate.
Some recent arrivals include Nomura, Alpadis Group, Finsbury Wealth and Habib Bank, while Edmond De Rothschild and Holborn Assets have both received regulatory approval to open an office in Dubai.
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