Utmost expands into the Middle East with Dubai licence
Utmost Wealth Solutions is making a first push in the GCC after securing the green light from the Dubai Financial Services Authority (DFSA) to set up a subsidiary operation in the Dubai International Financial Centre (DIFC).
The DIFC licence will allow the new subsidiary company to work with banks, brokers and other licensed intermediaries in and around the region to provide solutions for HNW clients.
"Having a hub in the DIFC gives us the opportunity to grow our business in what is a very important and strategic area for Utmost Wealth Solutions and we see this as a first step in building a strong presence in the region," senior executive officer of Utmost Worldwide (DIFC) Limited, Derek Gemmell, said in a statement.
Having a hub in the DIFC gives us the opportunity to grow our business in what is a very important and strategic area for Utmost Wealth Solutions and we see this as a first step in building a strong presence in the region"
The Isle of Man-based company is now the second largest cross-border provider of unit-linked wealth management solutions in Europe, having doubled assets under management to €24bn over the last year.
Utmost Wealth Solutions said it would extend its operations to Latin America, the Middle East and Far East following its acquisition of Generali Worldwide.
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