Asset servicer HSBC has been granted an arranging custody license for its markets and securities services business in Abu Dhabi Global Market.
The license enables HSBC to offer a global custody service for its key sovereign, institutional and investment manager clients.
The move has been partly inspired by the increased activity within the UAE, including a rise in the number of IPOs, as it looks to establish itself as a financial services hub within the region.
“HSBC is investing in its wealth management capabilities across all customer segments, from sovereign and institutional clients to family offices and ultra-high-net-worth individuals, through to investment managers and retail customers,” said Abdulfattah Sharaf, CEO of HSBC UAE and head of international, HSBC Bank Middle East Limited.
“Our new presence in ADGM complements HSBC’s existing securities services presence across the region and around the world,” Abdulfattah added.
©2022 funds global mena