Jersey investment management company Quilter Cheviot is extending its international reach with the launch of a representative office in Dubai.
Quilter Cheviot, part of Old Mutual Wealth, which can trace its heritage back to 1771, has been granted approval to open the new representative office in the Dubai International Financial Centre (DIFC) under the business name Quilter Cheviot Limited (DIFC Representative Office).
The Dubai representative office, which will mark its official launch with an event on 25 April, will be overseen by the company’s Head of International, Tim Childe, who is also Head of the Jersey office.
All investment management services for international clients will continue to be delivered out of Quilter Cheviot’s Jersey base and will be subject to UK and Channel Island regulations.
Mr Childe believes the representative office will also provide unique opportunities for the firm’s Channel Island clients and partners by affording the opportunity for introductions to a Middle East network.
The company already has a substantial and growing international client base, which is managed out of its Jersey base. The move will enable the firm to capitalise on this growing international business, with Dubai acting as a hub for profile-raising opportunities in the region.
Mr Childe said: “We believe there is a significant opportunity for us to raise awareness in the Middle East of our discretionary management services offered in Jersey. The new representative office will enable us to expand our reach and take full advantage of these opportunities.
“The United Arab Emirates is home to some world-leading intermediaries and we believe our bespoke approach to investment management, combined with our record for performance, will provide an attractive alternative to the services offered by private banks.
Quilter Cheviot has an office network spanning the UK, Ireland and Jersey , and currently has some £17.8bn of assets under management.*
Mark Leale has taken on the newly appointed role of Head of Dubai Office and Principal Representative, supported by Senior Regional Representative Keith Owen. Between them they have more than 26 years combined experience in wealth management in the Middle East.
Mr Leale’s career has included spells with Lloyds Private Banking and Nedbank Private Wealth, working in the Channel Islands, Isle of Man and Dubai
He said: “Consent to open our representative office in the DIFC places us at the very heart of financial services in the Middle East, providing unrivalled access to a network of very high quality intermediaries whom we know we can work with to deliver leading edge investment services to private clients through our Jersey office.”
The launch of the Dubai representative office follows the acquisition of the company by Old Mutual Wealth. Old Mutual International, part of Old Mutual Wealth, is an established provider in the region, with an office in the DIFC.
Brendan Dolan, Regional Director, Middle East and Africa, Old Mutual International, comments:
“In Dubai there is strong demand for tailored investment solutions for high net worth investors, and the launch of the Quilter Cheviot representative office has generated significant interest from advisers. High net worth investors will be reassured by Quilter Cheviot’s heritage and award winning research capability and performance. This fits well with the trend we are seeing in the region for advisers to outsource investment solutions, shifting their business model away from investment selection to the financial planning needs of their clients.”
The DIFC is the Middle East’s hub for financial services, providing a robust regulatory framework and a platform for businesses to connect to international marketplaces.
Quilter Cheviot focuses primarily on structuring and managing discretionary portfolios and funds for private clients, charities, trusts, pension funds and intermediaries.
Investors should remember that the value of investments and the income from them can go down as well as up.