Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleHSBC opens a new asset management business in the UAE, launching 10 onshore funds to tap into the region's wealth influx, focusing on Middle East growth.
DUBAI, Jan 12 (Reuters) - HSBC is opening an asset management business in the UAE and launching 10 onshore funds, it said on Monday, as the bank deepens its investment in the region and taps into an influx of wealth into the Gulf country.
"Our investment in building an onshore asset management business is about capturing the significant and long-term wealth opportunity in the UAE," Dinesh Sharma, HSBC’s Regional Head of International Wealth and Personal Banking for the Middle East and Turkey, said in a statement, citing demand for such structures regulated in the UAE.
The country has, in recent years, witnessed an influx of high-net-worth individuals, attracted by the relative ease of doing business, convenient time zones, and tax-free status, prompting several global asset managers to start or expand their footprint here.
London-headquartered HSBC has been scaling back its worldwide operations as part of an overhaul started in 2024, including reorganising operating divisions along East-West lines and shedding sub-scale investment banking units. It has focused its growth efforts on regions such as Asia and the Middle East.
The bank has appointed James Grist as general manager of the new UAE asset management entity, the bank said in the statement without providing details on the size of the business and staff.
HSBC Asset Management had assets under management worth $852 billion as of the end of September last year.
(Reporting by Federico Maccioni; Editing by Harikrishnan Nair)
Asset management is the process of developing, operating, maintaining, and selling a portfolio of assets to maximize returns and minimize risks for investors.
A high-net-worth individual (HNWI) is a person with liquid assets above a certain threshold, typically over $1 million, making them a target for wealth management services.
Investment banking is a division of banking that helps individuals or organizations raise capital by underwriting or acting as an agent in issuing securities.
Onshore funds are investment funds that are established and regulated in the same country where the investors reside, offering certain tax advantages.
Wealth management is a comprehensive service that combines financial planning, investment portfolio management, and other financial services to manage an individual's wealth.
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