Brooks Macdonald has entered into its first international strategic alliance with Dubai-headquartered fee-based advisors Abacus Financial Consultants, in a bid to take advantage of the “growing expatriate community” in the region.
The alliance will enable Abacus’ Dubai-based clients to access Brooks Macdonald’s full range of international investment management services – including its discretionary multi-asset and direct equity and bond strategies – the company said in a statement announcing the deal.
The deal will also allow Abacus’ clients to access Brooks Macdonald’s team of over 90 investment professionals across the UK and Channel Islands and additional services in the form of enhanced reporting, training and marketing support.
Darren Zaman, chief executive, international at Brooks Macdonald said: “This international strategic alliance is a first for Brooks Macdonald and an important step as we continue to extend our services and build on the momentum of our international strategy.
‘Growing expatriate community’
“Dubai is an exciting market with a growing expatriate community, which we believe offers good opportunities for growth. The quality, experience and fee-based model at Abacus made them a natural fit for our first international alliance and we are confident that our investment solutions will help to meet the needs of their clients.”
Con Lillis, co-founder and director at Abacus, pictured right with Darren Zaman, chief executive at Brooks Macdonald, left, called the alliance “a landmark moment” for his firm. “Like many other financial advisory markets around the world, the environment in Dubai is fast changing as financial regulation and client needs evolve with the times,” he said. “Partnering with Brooks Macdonald – like us, a pioneer of fee-based advice – underlines how we are responding positively to these regulatory changes in Dubai, as local demand grows for quality, fee-based advice with well recognised discretionary investment managers.
“We hope that aligning ourselves with firms such as Brooks Macdonald will help us in our focus on recruiting experienced and qualified staff to support our continued business growth.”