Mena wealth managers poised for more mergers and acquisitions

M&AFinancial advisors and wealth managers in the Mena region are likely to turn to technology and consolidation in order to deal with market volatility and a growing regulatory burden. This is the main finding of Insight Discovery’s Middle East Investment Panorama (MEIP) report from the research firm Insight Discovery. The report, which interviewed the CEOs of regulated advisory firms and fund selectors in the region, found that more than half (57%) of respondents expect increased mergers and acquisitions (M&A) activity to deal with mounting regulation resulting in a less crowded marketplace “This may well be because these respondents see that the introduction of BOD 49 and other regulatory changes will bring around a wave of M&A activity and that their firms will be among the winners,” said David Kneeshaw, CEO of IFGL, the parent company of Friends Provident International. The survey also revealed that the majority of firms (67%) have seen their revenue grow in the last 12 months, and even more (88%) expect this growth to continue in 2023. The report also looked at changing client demands and found that greater access to information has made clients more knowledgeable but also more demanding and with higher expectations. Consequently, they are looking for more value from their advisors and greater access to online and mobile channels. The report concludes that the top three ways for firms to attract more customers are: to ensure advisers are properly qualified; embrace digitalisation; and generate referrals from existing clients. ©2022 funds global mena

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