Standard Chartered is set to offer its retail clients in the UAE access to locally domiciled mutual funds.
The UK-based bank has struck a number of distribution deals with global asset managers such as Amundi.
The move follows on from a recent decision by the UAE’s Securities and Commodities Authority (SCA) to restrict access to international funds among retail investors in order to promote the domestic market.
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In addition to Amundi’s UAE business, Standard Chartered has also partnered with Dubai-based asset manager Aditum Investment Management, a Dubai-based asset manager with close to US$6 billion in assets under management, as well as Clearstream, the post-trade group owned by Deutsche Boerse.
“By being among the first few institutions to offer locally domiciled funds to our retail customers in the UAE, we are delivering on our promise to provide innovative and best-in-class investment solutions that cater to their diverse needs while supporting the UAE government’s vision of making the country a global financial hub,” said Owen Young, director and regional head of wealth management for Europe.
“Providing retail clients with access to locally domiciled funds not only provides greater investment opportunities, but access to companies and assets that are likely familiar to the local market,” said Salmaan Jeffrey, chief business development officer at DIFC Authority.
“As a result, customers are given an additional means of diversification, while supporting Dubai’s financial services industry.”