International advisory firm Globaleye has revealed a "significant investment" in the business by an undisclosed Swiss-based family office which it said will enable the firm to target strategic key areas such as recruitment, acquisitions, technology and new lines of business.
"Naturally being Swiss they are not overtly keen to have their name all over the place since it is a major family of one of the biggest Swiss companies," said chairman Tim Searle.
Ambitious plans he highlighted included "capitalising its position in the UAE by acquiring smaller firms that are no longer profitable due to new regulations" and "seeking additional acquisition opportunities in other markets in which it operates and is in advanced discussions with two competitor firms".
We made a conscious move to the HNW arena over the preceding years and so soldiers of salesman synonymous with the retail sector is not our concern."
Presently Globaleye is in Geneva, Zurich, Dubai, Abu Dhabi, UK, Singapore, Kuala Lumpur, Hong Kong and South Africa.
Globaleye also expected to add 20 top-tier finance professionals in the UAE this year to meet the needs of a growing institutional and private client base, he said.
"We have reduced our staff since quality over quantity is the overriding factor. We made a conscious move to the HNW arena over the preceding years and so soldiers of salesman synonymous with the retail sector is not our concern.
"We look to work with professionals from the EAM/PB/Trustee space who have skills in delivering collaborative HNW solutions from estate planning, tax advisory, inter-generational wealth transfer, private equity/VC, easing CRS and so on."
Globaleye further announced the opening of a second office in Dubai, in high end Boulevard Plaza, as part of its "vision to be the first choice for ultra-wealthy investors, families and business owners".
Searle said the "realignment of the company means we have a greater focus on what lies ahead as the industry has changed dramatically and will continue to do so".
He added: "Globaleye remains the vehicle due to the lineage and global network of licensed entities to deliver solutions across a wide spectrum of jurisdictions and advisory solutions. The retail industry is typically product led whereas we recognise that advisory comes first which will in turn lead to a product solution.
"This is the demand of HNW clients who want to ensure their advisory deliver value first and foremost which in many cases will be a collaborative effort with the combined skills of ourselves with a legal, banking, trustee and corporate service provider aligned."
"We are extremely bullish and see huge opportunity ahead, particularly as we can leverage our size, experience and technology to scale fast. Watch this space" said Searle.