HSBC launches UAE asset management business
HSBC is opening an asset management business in the UAE, launching 10 onshore funds to tap into the Gulf country’s growing wealth, the bank announced on Monday.
Dinesh Sharma, HSBC’s Regional Head for International Wealth and Personal Banking in the Middle East and Turkiye, said the move is aimed at capturing long-term wealth opportunities in the UAE, where demand for locally regulated investment structures is rising, News.Az reports, citing Reuters.
The UAE has recently attracted high-net-worth individuals due to its business-friendly environment, convenient time zones, and tax-free status, prompting global asset managers to expand their presence.
As part of its global overhaul, HSBC has been refocusing on regions such as Asia and the Middle East, while scaling back less profitable operations elsewhere. James Grist has been appointed general manager of the new UAE asset management entity.
HSBC Asset Management manages $852 billion in assets as of September 2025.
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