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Mashreq Sets Sight on Private Banking Leadership in the Middle East and Beyond

Mashreq, a stalwart in the UAE’s financial sector, is on an ambitious journey to redefine its position as not just the region’s oldest bank but as a global leader in private banking. That mission is underpinned by a strategic vision articulated in a recent discussion by Navin Chokhani, Head of Client Value Management, Private Banking and Biju Thomas, Senior Director & Head of Family Office. They explained how the bank aims to transcend its regional expertise to strengthen the international footprint and attract a diverse global clientele to complement its regional market presence, and offer a one-stop solution for a variety of wealth, banking, and curated solutions. This forward-looking plan includes expanding operations into new markets including Egypt and other GCC countries and enhancing digital platforms to blend innovation with personalised client service. Through these initiatives, Mashreq aspires to be a transformative player in the UAE and broader Middle East financial landscape, offering bespoke wealth management solutions that cater to the nuanced needs of high-net-worth individuals across the globe.

UCAP Asset Management’s CEO for the Middle East on Key Characteristics of Successful Independent Wealth Firms

Tanul Mehra is the CEO & Executive Director of UCAP Asset Management (Middle East), based in Dubai. He took on this role in February 2023, arriving from a position as Chief Investment Officer & Head of Private Banking at Habib Capital, a position he had held for over six years after working at DBS in Dubai, following their purchase of Société Générale Private Banking Asia, where he had been working. Hubbis spoke to Tanul recently, to learn more about the business and the missions ahead. He considers client-centricity and close, trusting and enduring relationships as the two vital elements that drive the independent wealth market forward in the region. The potential of the market can be seized by any well-structured EAM that can deliver these consistently.

Covenant Capital’s Leaders Explain the Crucial Role Technology Plays in Delivering Client Centricity

Covenant Capital is a Singapore-based independent wealth manager that prides itself on what its leaders call a fundamental bond with the HNW and UHNW clients they serve, with that rapport built on professional and social ethics, expert knowledge and unbiased stewardship towards the articulation of a holistic wealth offering and relationship. Hence the name Covenant, alluding to what is tantamount to a pact of trust to deliver (and obtain) long-term investment advice, wealth preservation, accumulation and partnership. The firm states that this alignment is made possible with its open architecture, fee-based model, steering far away from a product-led offering and from retrocessions, which still dominate much of the wealth industry in Asia. The open architecture spans investment products, insurance and estate/legacy planning, with Covenant selecting best-in-class partners to work with their clients. Moreover, every member of the founding team at the firm is a stakeholder, meaning their financial futures are intimately aligned with the financial and indeed personal well-being of their clients. Hubbis met with Edwin Lee, Chief Executive Officer, and Kian Ngiap Tay, Chief Operating Officer, recently to learn more about the firm and also to discuss their participation in a recent White Paper report on the technology and platform required to operate a successful EAM or MFO. The report, co-authored by Peter Golovsky of Berkshire Global Advisors and Shaun Parkin of Hall Road Services, is titled ‘Family Office Technology - Ferrari vs Utility - Key Considerations for Asian Family Offices’. Their findings and recommendations emerged from detailed research on the strategies for and implementation of technology platforms and solutions amongst seven rather different single- and multi-family offices in Asia.

Lighthouse Canton's CEO on Steering a Path to Dramatic Growth Aligned with Integrity

Lighthouse Canton (LC) is an innovative asset and wealth management firm headquartered in Singapore with offices in Singapore, India, and Dubai. The firm caters to marquee clients and investors worldwide, offering innovative and bespoke investment solutions and diverse products across global markets through its presence in key geographies. Lighthouse Canton employs over a hundred skilled professionals and manages over US$3B in AUM (as of Dec 2022). The leader at the helm of this global financial institution is its CEO and co-founder, Shilpi Chowdhary. Chowdhary is one of the most experienced business leaders in the independent asset and wealth management market today. He spent nearly 15 years at Citi and Credit Suisse in prominent roles before taking the reins at Lighthouse Canton in 2014. Nine years on, his enthusiasm and commitment show no signs of waning. He is also one of the more strategic thinkers in the market currently. Hubbis recently met with Chowdhary to hear his update on the firm's recent growth and how he plans to achieve the lofty growth ambitions that he and his co-founders believe are eminently attainable.