Financial services provider Equiom Group has been granted a licence by the Dubai Financial Services Authority (DFSA) to operate as a trustee for private and corporate clients in the Dubai International Financial Centre (DIFC).
The licence builds on the organisation’s presence in the Middle East and will allow the firm to provide a wider breadth of services for the group in the region.
The company originally set up its first DFSA-regulated business in the DIFC in 2019 as a branch of its Isle of Man office before receiving its licence.
Equiom Fiduciary Services (Middle East) will offer a range of trust and fiduciary services, including the ability to establish and administrate trusts and foundations for private and corporate clients around the world, as well as the ability to operate employee money purchase schemes in the DIFC.
It will continue to act as an operator of employee money purchase schemes, such as DEWS.
It will also continue to assist employers with arrangements and structures to fund their existing and/or future end of service gratuity obligations or provide workplace pension and savings benefits to their employees.
Hugh O’Donnell, head of Equiom Fiduciary – Middle East, said: “This is a truly exciting time for Equiom. Holding a local trustee licence will allow us to increase our range of services to clients locally while harnessing the breadth of Equiom’s global reach to also attract business from other parts of the world.
“Equiom continues to focus on meeting the individual requirements of high and ultra high net worth individuals and corporations by offering them a full range of trust and fiduciary services.
“With the milestone of establishing a trust company in the DIFC, Equiom is delivering on its promise to get closer to its clients in the region and support families with their wealth planning needs.”
Chris Cain, client services director (Middle East) at Equiom, added: “This is yet another milestone for Equiom and we are delighted to have been granted this license.
“It will further our ability to offer a trustee solution within the DIFC for organisations who wish to enhance their existing end of service gratuity obligations to their employees by using a professionally managed defined contribution plan.”