Middle East Wealth Management Forum 2017 Post Event Report

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24 January I Ritz Carlton, DIFC I Dubai, UAE

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SummaryOur 2nd annual event in Dubai for the industry in the GCC highlighted the need for firms to focus on building modern, digital-friendly platforms where better-trained advisers consistently act and behave in their clients’ best interests. This assumes the regulatory agenda in each market doesn’t stifle the opportunities for growth.

According to the 35-plus speakers, in front of more than 220 senior industry practitioners – across private banks, retail banks, independent wealth managers, family offices, insurance companies and other firms – those wealth management firms which will be most successful over the next five years in the Middle East will be those which embrace digital and put in place modern, robust technology platforms.

The ability to clearly demonstrate alignment with clients’ interests is also a critical component – which ties in to the need to deliver the right client outcomes. This can be achieved, suggest various market practitioners in the GCC, via a mix of independent and technical financial advice which has the objective to maximise value for the client.

More specifically by client segment, a successful model must focus on the newer millionaires, as well as small-business owners. Family governance solutions will be a key way to access and win the trust of many families which are concerned about their businesses when they are no longer around. At the same time, moving the industry forward in this way requires some important changes – for example, in the way advice is given, advisers are trained and remunerated, new talent is developed, clients are educated, and various aspects of the market are regulated.

Several elements of these success factors for a sustainable wealth management offering in the Middle East are dependent on firms being able to shift towards selling solutions, not chasing revenue through single transactions. And there are specific ways that business leaders and wealth managers can achieve this.

Inevitably, it should start with a better understanding of clients’ needs – and then an ability to deliver what they want. To do this requires effective relationship selling rather than transaction selling. At the same as doing this, wealth managers can educate their clients on how to think and act – depending on their needs and goals – when it comes to their portfolio.

An important building block, therefore, is improved training and development of advisers. Further, having robust minimum qualification levels for the industry would help to enhance the reputation of the industry. Over time, this would also create a deeper and more competent talent pool within the Middle East.

At the same time, there are several initiatives which the region’s regulators should drive:

Greater transparency Simpler and uniform regulatory guidelines A clear definition on how to deliver investment advice for clients inside as well as outside the UAE Lower initial commissions and a focus on longer-term income streams Stricter regulation for wealth planners and business owners who visit the UAE to tout for business

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Attendee ProfileType of Wealth Management firm

54%

16%

12%

10%

8%

Retail Banks

Private Banks

Insurance

Asset Management

Other

Job role

C-Level

Product Specialist

Business Head

Client Advisor/RM

Other

22%

30%

18%

19%

11%

“Like usual, Hubbis delivered a superb conference which was manifested by the content, speakers, organisation and number of delegates. Looking forward to the 2018 event!”Michael Chahine, Founder and Chief Executive Officer, Nexgen Desert Green Consultancy

MIDDLE EAST WEALTH MANAGEMENT FORUM 2017 - POST EVENT REPORT 5

CompanyABN AMRO Private BankingAbu Dhabi Commercial BankAbu Dhabi Islamic BankAhli United BankAl Khaliji BankAllfunds BankAmicorp GroupASAP Wealth ConsultancyAsiaciti TrustAvallis FinancialAyady TakafulBank Julius BaerBanque Cantonale de GenèveBanque HavillandBanque Internationale A LuxembourgBarclaysBentoBNY Mellon Wealth ManagementBo Fric AssociatesBurgan BankCA Indosuez Wealth ManagementCommercial Bank of DubaiCredence InternationalDeloitteDeutsche BankDeVere GroupDIFC AuthorityDubai Financial Services AuthorityEmirates NBD

Attendees from these firmsEquiom GroupFalcon Private WealthFidelity InternationalFinIQFranklin Templeton InvestmentsFriends Provident InternationalGlobal Precious MetalsGlobaleyeHabib BankHenley & PartnersHeritage Trust GroupHinduja BankHSBCIndex & CieInfosys FinacleINTLFCStone Commodities DMCCInvestors TrustLDCLegacyLine Family OfficeLiechtensteinische LandesbankLinks GroupM/Advocates of LawMashreq BankMashreq CapitalMercerMondialNational Bank of Abu DhabiNEXGEN Desert GreenNexus Financial ServicesNexus Insurance Brokers

Noor BankNoor TakafulOld Mutual InternationalOman InsuranceOmega Oil ResourcesPFO Financial Services and ConsultancyPrincipal Global InvestorsProfile SoftwareRAKBANKSchrodersSchubert CommoditiesSharjah Asset ManagmentSpectrum Asset ManagementSt. James’s Place Wealth ManagementStandard Chartered BankStonearb InvestmentsSwissquoteTakaful Emarat InsuranceTakaud Pension and SavingsTransamerica LifeUnited Arab BankVita International Insurance BrokersWestbay Investment ConsultancyWhite Oak AdvisorsWingate WhiteWithersZurich Life Insurance

“Hubbis is a great event to meet fellow industry professionals and to garner first-hand the latest news and developments in the financial services sector. Couple that with engaging panel discussions and break-out sessions – it provides a platform not to be missed.”Timothy Searle, Chairman, Globaleye

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Speakers

Gary DuganChief Investment OfficerEmirates NBD

Deepak AhujaDirector, Wealth Management & MortgagesRAKBANK

Deepak MehraHead of Advisory, Treasury and Asset Management, General Management Commercial Bank of Dubai

Jamal Al KishiChief Executive Officer, Middle East & AfricaDeutsche Bank

Gifford NakajimaHead of Wealth Development, Middle East and North AfricaHSBC

Appul JaisinghaniHead of Funds, Wealth Management Emirates NBD

Angelo VenardosChief Executive OfficerHeritage Trust Group

Abhra RoySenior Product Line Manager, Wealth Management and TreasuryInfosys Finacle

Daffer LuqmanGlobal Head of Liabilities & Wealth Management, Retail Banking GroupAbu Dhabi Islamic Bank

Fiona McClaffertySenior Manager - Private Client ServicesDeloitte

Gerhard SchubertFounderSchubert Commodities

Jeffrey RhodesDirectorGlobal Precious Metals

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Marco GantenbeinManaging PartnerHenley & Partners

Stijn JanssenHead of Tax, Middle EastWithers

Matthew ByerExecutive Director & Chief Operating OfficerSpectrum Asset Management

Michael ChahineFounderNEXGEN Desert Green

Yann MrazekManaging PartnerMAdvocates of Law

Cedric LizinHead of Wealth Management, Middle East, Africa & JapanBarclays

Oliver KettlewellPortfolio ManagerMashreq Bank

Rajesh MalkaniHead of Private Banking & Wealth ManagementMashreq Bank

Karim GhandourFounder & Chief Executive Officer LegacyLine Family Office

Walter JoppChief Executive Officer, Middle East & AfricaZurich International Life

Timothy SearleChairmanGlobaleye

Milind KulkarniGroup Chief Executive OfficerFinIQ

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Philip CernikChief Marketing OfficerFriends Provident International

Gautam DuggalManaging Director, Regional Head - Wealth Management, AME , Europe Standard Chartered Bank

Shiraz HabibExecutive Director, Head of Investment Products & SolutionsNational Bank of Abu Dhabi

Chris FergusonChief Executive OfficerCredence International

Damian HitchenChief Executive Officer, Middle East & AsiaSwissquote

Vikrant PangamManaging DirectorAmicorp Group

Shainav GuptaDirector, Institutional SalesAmicorp Group

Rajesh SethiChief Executive OfficerNoor Takaful

Sean KelleherChief Executive OfficerMondial

Mohieddine KronfolChief Investment Officer, Global Sukuk and MENA Fixed Income Franklin Templeton Investments

Chandrima DasChief Executive Officer Bento

Kostas KotsiopoulosGlobal Sales DirectorProfile Software

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“It is a forum where companies in the GCC can connect with each other, discuss ideas, build relationships and highlight the road for the Industry ahead. Looking forward to the 2018 edition.”Sivadeet Baruah, Head of Individual Life,

Oman InsuranceAnthony JaganathanHead of Operations & Middle Office Wealth ManagementEmirates NBD

Sivadeet BaruahHead of Individual LifeOman Insurance

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“[The Hubbis] Middle East Wealth Management event was my first Hubbis conference and I found it to be well-organised with an excellent array of speakers, relevant topics and incisive questions. It was well-attended and provided a good networking platform for all attendees. I would definitely like to be involved in some way with future Hubbis events.”Jeffrey Rhodes, Founder & Managing Consultant, Rhodes Precious Metals Consultancy

Middle East Wealth Management Forum 2018

Tuesday 23rd January - Dubai