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Private banking in the Middle East
June 23, 2008 | Comments Off on Private banking in the Middle East
Middle East is one of the fastest growing market for private banks. The international monetary fund estimated the GCC countries have more than $1.5 trillion in total private wealth. Like other regions, the Middle East market is unique in many ways. If you live in the region and plan to use a private bank to help you manage wealth, make sure you use the information below to help you find the right solution:
Size, reach and offshore presence
Global private banks can provide the size and reach in terms of product offerings that many smaller firms can’t. Many clients in the region want to hold US dollars and Euro, and have a more conservative investment philosophy. Therefore, strongFX , cash and fixed income products offerings are essential for clients in the region. In addition, ask about the benefits of offshore accounts as they may suit your special need.
Minimum account size
It is not uncommon for large global private banks to have minimum account size. Some require as much as US$5 millions of net assets before they accept a private banking client. Smaller local banks in the Middle East however, are willing to accept clients with accounts as small as $500,000. If you prefer to invest a smaller amount you may want to get in touch with some of the boutique banks who are willing to partner with you.
Estate and succession planning capabilities
Many clients in the region come from the “old money” circle, estate and succession planning therefore play a major role in the financial planning process. Some banks are famous for their services in this area, therefore it is wise for you to inquire about these capabilities when choosing a wealth manager.
Investment banking services
If you are considering a global firm, you might want to ask about their investment banking division. Ideally, wealth management advisors can refer you to the right investment banking professionals to handle your business’s need to raise capital and handle mergers. Currently many investment banks aim to provide a holistic financial solution to their clients and usePWM as the relationship entrance point.
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