Mena-based wealth advisors are braced for a concerted push from international asset managers looking to expand in the region, according to a recently published study. The research from behavioural finance firm Oxford Risk canvassed independent advisors and wealth managers in the region responsible for US$290 billion in assets. It found that 85% expect international firms to grow their presence in the Mena market over the next three years. The research also found that domestic advisors think their international rivals have an advantage in terms of their product range and approach to investor suitability assessments. Around 70% point to the products that international firms can offer while 54% highlight suitability assessments. More than half (51%) believe international firms have better digital capabilities while 48% say adviser skill sets at international firms give them a competitive advantage. Oxford Risk is advising local wealth managers to advance their use of technology to keep up with international competition. “The asset management industry in Mena is expanding strongly and inevitably that is attracting the interest of international financial institutions,” said Greg Davies, head of behavioural finance at Oxford Risk. “At the same time clients in Mena want to increase their exposure to international assets with the growing use of technology by advisers in the region and the need for diversification driving demand,” added Davies. ©2022 funds global mena