The service is aimed at asset managers looking to meet investment needs of the Gulf’s growing community of family offices and retail investors.

By using Neovision’s new plug-and-play Fund Management Company (ManCo) solution, investment managers operating in the UAE will be able to delegate fund management to the firm while maintaining full executive oversight of their funds.

To read more on this topic, visit: Family offices in the Middle East are ‘restructuring and diversifying’

Dr Ryan Lemand, co-founder and chief executive, said: “As trailblazers in the application of the new and unique fund structures available in the ADGM, Neovision has developed a visionary approach of making launching a fund as painless as possible whilst ensuring full compliance with demanding regulatory standards.

“Not only can we help clients design an optimal structure for their fund, we can now also help them streamline their ongoing operations to reduce costs and enhance their relationships with investors.”

The firm, which works with more than 60 family offices globally, said that its services are attracting ‘significant’ families, including one looking to develop a governance structure on a par with FTSE-100 or FTSE-250 companies.

It also said that major changes include new local Kingdom of Saudi Arabia companies’ law aimed at modernising and simplifying the corporate code, increasing flexibility, and attracting inward investment.

The firm reported that changes in UAE corporate tax and the implementation of global minimum standards are increasing the focus on improving governance at family offices and ensuring they are compliant with regulation.

To read more on this topic, visit: Dubai wealth market is an ‘exciting place’, says SJP COO

It said that, in response to this, family businesses across the region are increasingly separating business and personal assets, both domestically and internationally, as well as reducing complex layers of special purpose vehicles in multi-jurisdictional structures.

Businesses are also looking to diversify local investments through UAE foundations and international investments using new institutional style structures such as private funds and cell companies to optimise their investment strategies.

The firm has also observed that some institutional and family-owned structures are moving to top-tier jurisdictions such as Jersey and Guernsey.

Lynda O’Mahoney, global head of business development private client at Ocorian, said: “In the Middle East, family businesses are being driven to adopt stronger governance practices, professionalise operations, simplify structures and address family governance issues.

“This is crucial for ensuring the long-term sustainability, stability and success of these businesses in the region.

“Families are conducting assessments of their current situation regarding local and international assets, investments and businesses. These assessments are shedding light on long-standing issues that require attention.

“Traditionally, family offices in the region have operated with a single decision-maker structure and viewed generational wealth as inherited, leading to a conservative mindset of maintaining the business legacy and core values.

“However, with the increasing involvement of third and fourth-generation family members, there is a greater openness to diversification and non-traditional investment strategies.”

It has also received its regulatory licence from the Dubai Financial Services Authority (DFSA), the firm announced.

IFGL DIFC is licensed to promote IFGL’s RL360 products and its Ardan International independent wealth platform, to expat and local investors.

Which will be carried out through regulated intermediaries the firm has said.

To read more on this topic, visit: Insurance group sets up end of service gratuity arm in DIFC

Stuart Shilcock will head up the new office as senior executive officer and head of sales Middle East.

Shilcock has been based in Dubai for over 15 years as IFGL head of sales Middle East and has worked for IFGL for over 22 years.

He will be joined by James Parsons, head of sales Ardan International, Liz Munyard, Ardan sales support and RL360’s three Middle East region sales managers, Anirban Paul, Steve Hopkinson and Steve Noon.

Shilcock, said: “Obtaining a DFSA licence will help us to further build on the strong relationships we have established with many regulated financial-adviser firms. It also underlines our long-standing commitment to the UAE market.

He added: “The IFGL DIFC team is also looking forward to the opportunity of new conversations with other regulated intermediary firms whose customers would benefit from RL360 products and the Ardan International platform.”

But one region that has attracted the attention of many over the last year is the UAE.

The Dubai International Financial Centre (DIFC) has become one of the most in-demand financial centres in the world for wealth and asset managers. The DIFC has attracted several notable financial giants over the last 12 months and the total number of wealth and asset management companies in the centre has increased to over 300.

The wealth and asset management firms in the DIFC represent an industry size of $450bn (£360bn, €412bn), and, as at the end of 2022, more than 150 funds were domiciled in the centre.

But the firms are not just global businesses with massive presences in other jurisdictions – UK advice giants like St James’ Place (SJP) and Progeny, following its acquisition of The Fry Group, are also becoming attracted to the UAE via the DIFC.
The DIFC has taken the unacclaimed prize of being one the most prestigious highly-regulated financial centres to be a part of in the world.

Other watchdogs across the UAE are bringing in regulation to bolster the country’s native investment sector to allow the DIFC to become the home of the foreign wealth and asset manager.

As the wealth industry continues to be globalised, more UK-based firms are starting to think about the jump to the UAE – and the DIFC is the starting place for companies to look.

The UAE wealth market is going through a transition currently. Like in most jurisdictions, regulation has become the core focus. But the UAE market has massive potential to be a giant like the UK – but has a lot of catching up to do in terms of professionalism and best practice.

The excitement for firms outside of the UK is that the UAE wealth market is still lacking in competition, products and service. There are some great firms in the industry – but there can be more.
Since covid-19, there has been a rise in demand from expats moving into the UAE. It has become one of the most sought-after destinations.

In April 2023, Salmaan Jaffery, chief business development officer at DIFC Authority, said: “The $8trn of private wealth across the Middle East, Africa and south Asia region provides wealth and asset management firms with a compelling reason to establish in the UAE, specifically in the DIFC.”

For a long time, the UAE was a place where many people lived in the country for a number of years, made some money due to it being a low-tax jurisdiction and then returned to their home country.

However, times are now changing, and the UAE is a destination where many are thinking about retiring.

Progeny chief executive Neil Moles told IA that it commissioned a report on the movements of UK expats. He said that Canada, Australia and the UAE were the fastest growing regions for number of British expatriates.

The UAE government has improved golden visa schemes and introduced non-Shariah legislation for inheritance and succession planning – which has made it more attractive to become a secure wealth market.

The DIFC has also been ahead of the game on this. In August 2022, the DIFC launched a global family business and private wealth centre.

The private wealth centre provides global family-owned businesses and ultra-high net worth individuals (UHNWIs) access to a range of private wealth support services to enable legacy and succession planning.

The DIFC wants the private wealth centre helps attract family businesses and UHNWIs from the region and globally to establish a presence in Dubai.

Steps have been taken to make the UAE one of the biggest wealth markets in the future. But this will not work unless more firms from regulated and compliant jurisdictions like the UK – come into the market and help improve the practices of some in the industry.

The investment landscape can be dramatically improved – and if more clients look at staying more long-term in the UAE – products will be needed to cater for them.

It is a massive opportunity for firms who are looking to grow their operations outside of the UK. Doing business in the UAE is very different to the UK, but that should not put companies off from looking at the region.

The UAE has always been open to having new entrants into its wealth market and there have been many in the last few years.

This shows no sign of stopping.

This move will allow the firm to better serve clients in the Middle East and to provide localised service in the market.

It has appointed Chetan Chaudhari as Vice President of Sales for the Middle East and India who will be based in the Dubai office.

Eton Solutions has developed an enterprise resource platform (ERP), AtlasFive®, built by the company’s founder to incorporate all the operating needs of a family office into one fully integrated platform.

Satyen Patel, executive chairman of Eton Solutions, said: “Our expansion into the UAE is a testament to our commitment to the Middle East region. This new office will allow us to better serve our existing clients and forge new partnerships in this dynamic market.

“The UAE office is equidistant between Asia and Europe and serves as a connection to key wealth centres. It will act as a hub to serve Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates (GCC), Indian sub-continent, Africa, Turkey and parts of Central Asia.”

This news comes after Eton Solutions launched its Administrative Family Office TM solution this year.

Which allows ultra-high-net-worth families to launch their own virtual family office while achieving cost-effective reporting and a fully outsourced middle and back office.