New branch office in Dubai will support the firm's expansion plans in the region, and will have a focus on quality rather than quantity.
Singapore-based Farringdon Asset Management has just announced the opening of a branch office located at the Dubai International Financial Centre (DIFC), United Arab Emirates, the firm announced in a news release on Thursday.
The branch, which holds a category 3C fund management license issued by Dubai Financial Services Authority (DFSA), will be headed by Stuart Yeomans, who was previously the CEO of Farringdon Group in Malaysia.
«Our aim is to build a small but effective team within Dubai and focus on quality rather than quantity. My aim moving forward is to concentrate on speaking with the best Private Bankers and Financial Consultants throughout the region and look to bring the right candidates into our growing company,» Yeomans said about the Dubai office.
Increased regulation
«The regulatory regime offered by DFSA is second to none in its stringent approach and we believe that both clients and staff will increasingly look to have their assets managed by DFSA-regulated firms. These needs will grow exponentially as insurance brokers and consultants are gradually removed from their ability to advise on and manage assets under the increased burden of regulations,» CEO of Farringdon Asset Management, said.
Finews.asia previously announced the firm's launch of a new wealth management arm in Singapore, which focuses on providing succession and estate planning solutions in Asia.
As of February 2019, its group assets under management exceeded 1 billion Singapore dollars for the first time, and currently stands at $1.046 billion.
