Middle East Wealth Management Forum 2017 Post Event Report Link to Event View Photos

Transcription

1 Middle East Wealth Management Forum 2017 Post Event Report Link to Event View Photos 24 January I Ritz Carlton, DIFC I Dubai, UAE

2 Thank You to Our Sponsors Gold Silver Bronze

3 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT 3 Summary Our 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

4 4 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT Attendee Profile Type of Wealth Management firm 54% 16% 12% 10% 8% Retail Banks Private Banks Insurance Asset Management Other 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 Job role C-Level Product Specialist Business Head Client Advisor/RM Other 11% 22% 30% 19% 18%

5 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT 5 Attendees from these firms Company ABN AMRO Private Banking Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank Ahli United Bank Al Khaliji Bank Allfunds Bank Amicorp Group ASAP Wealth Consultancy Asiaciti Trust Avallis Financial Ayady Takaful Bank Julius Baer Banque Cantonale de Genève Banque Havilland Banque Internationale A Luxembourg Barclays Bento BNY Mellon Wealth Management Bo Fric Associates Burgan Bank CA Indosuez Wealth Management Commercial Bank of Dubai Credence International Deloitte Deutsche Bank DeVere Group DIFC Authority Dubai Financial Services Authority Emirates NBD Equiom Group Falcon Private Wealth Fidelity International FinIQ Franklin Templeton Investments Friends Provident International Global Precious Metals Globaleye Habib Bank Henley & Partners Heritage Trust Group Hinduja Bank HSBC Index & Cie Infosys Finacle INTLFCStone Commodities DMCC Investors Trust LDC LegacyLine Family Office Liechtensteinische Landesbank Links Group M/Advocates of Law Mashreq Bank Mashreq Capital Mercer Mondial National Bank of Abu Dhabi NEXGEN Desert Green Nexus Financial Services Nexus Insurance Brokers Noor Bank Noor Takaful Old Mutual International Oman Insurance Omega Oil Resources PFO Financial Services and Consultancy Principal Global Investors Profile Software RAKBANK Schroders Schubert Commodities Sharjah Asset Managment Spectrum Asset Management St. James s Place Wealth Management Standard Chartered Bank Stonearb Investments Swissquote Takaful Emarat Insurance Takaud Pension and Savings Transamerica Life United Arab Bank Vita International Insurance Brokers Westbay Investment Consultancy White Oak Advisors Wingate White Withers Zurich 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 breakout sessions it provides a platform not to be missed. Timothy Searle, Chairman, Globaleye

6 6 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT Speakers Abhra Roy Senior Product Line Manager, Wealth Management and Treasury Infosys Finacle Angelo Venardos Chief Executive Officer Heritage Trust Group Appul Jaisinghani Head of Funds, Wealth Management Emirates NBD Daffer Luqman Global Head of Liabilities & Wealth Management, Retail Banking Group Abu Dhabi Islamic Bank Deepak Ahuja Director, Wealth Management & Mortgages RAKBANK Deepak Mehra Head of Advisory, Treasury and Asset Management, General Management Commercial Bank of Dubai Fiona McClafferty Senior Manager - Private Client Services Deloitte Gary Dugan Chief Investment Officer Emirates NBD Gerhard Schubert Founder Schubert Commodities Gifford Nakajima Head of Wealth Development, Middle East and North Africa HSBC Jamal Al Kishi Chief Executive Officer, Middle East & Africa Deutsche Bank Jeffrey Rhodes Director Global Precious Metals

7 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT 7 Karim Ghandour Founder & Chief Executive Officer LegacyLine Family Office Marco Gantenbein Managing Partner Henley & Partners Matthew Byer Executive Director & Chief Operating Officer Spectrum Asset Management Michael Chahine Founder NEXGEN Desert Green Oliver Kettlewell Portfolio Manager Mashreq Bank Rajesh Malkani Head of Private Banking & Wealth Management Mashreq Bank Milind Kulkarni Group Chief Executive Officer FinIQ Stijn Janssen Head of Tax, Middle East Withers Timothy Searle Chairman Globaleye Walter Jopp Chief Executive Officer, Middle East & Africa Zurich International Life Yann Mrazek Managing Partner MAdvocates of Law Cedric Lizin Head of Wealth Management, Middle East, Africa & Japan Barclays

8 8 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT Gautam Duggal Managing Director, Regional Head - Wealth Management, AME, Europe Standard Chartered Bank Shiraz Habib Executive Director, Head of Investment Products & Solutions National Bank of Abu Dhabi Vikrant Pangam Managing Director Amicorp Group Damian Hitchen Chief Executive Officer, Middle East & Asia Swissquote Sean Kelleher Chief Executive Officer Mondial Chris Ferguson Chief Executive Officer Credence International Philip Cernik Chief Marketing Officer Friends Provident International Rajesh Sethi Chief Executive Officer Noor Takaful Shainav Gupta Director, Institutional Sales Amicorp Group Mohieddine Kronfol Chief Investment Officer, Global Sukuk and MENA Fixed Income Franklin Templeton Investments Chandrima Das Chief Executive Officer Bento Kostas Kotsiopoulos Global Sales Director Profile Software

9 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT 9 Anthony Jaganathan Head of Operations & Middle Office Wealth Management Emirates NBD Sivadeet Baruah Head of Individual Life Oman Insurance 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 Insurance

10 10 MIDDLE EAST WEALTH MANAGEMENT FORUM POST EVENT REPORT [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

11 Middle East Wealth Management Forum 2018 Tuesday 23rd January - Dubai