Former Nedbank Private Wealth regional manager Mark Leale is to head the Dubai International Financial Centre-based office and also act as its principal representative, reporting into Jersey-based head of international Tim Childe.
Leale’s career, which has also included a period with Lloyds Private Banking, has encompassed working in the Channel Islands, Isle of Man and Dubai.
He is supported by senior regional representative Keith Owen, who was previously with Rosette Merchant Bank, a privately owned Sharia compliant financial services firm.
The office was officially launched on 25 April, operating under the business name of Quilter Cheviot Limited (DIFC Representative Office) in the Gate building, and separately located from Old Mutual International’s established DIFC office.
Edge over the competition
Childe said Leale and Owen would be working “very closely” with Old Mutual International to tap into their on the ground experience and infrastructure, which would give Quilter Cheviot “an edge over the competition”.
He 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.”
Childe also said the Old Mutual plc announcement on 11 March that it is looking to separate its four businesses was “a natural evolution” and that it was “absolutely business as usual going forward”.
Quilter Cheviot is part of Old Mutual Wealth, and the three other businesses are Old Mutual Emerging Markets, Nedbank and Old Mutual Asset Management (US).
Brendan Dolan, Regional Director, Middle East and Africa, Old Mutual International, said there was strong demand in Dubai for “tailored investment solutions for high net worth investors” and the launch of the Quilter Cheviot office had “generated significant interest from advisers”.
He said: “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.”
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.
Quilter Cheviot focuses primarily on structuring and managing bespoke discretionary portfolios for private clients, charities, trusts, pension funds and intermediaries.
It has a UK-wide office network, operations in Dublin and Jersey, and currently has £17.8bn of assets under management.