SKN | HSBC Expands Onshore Asset Management in the UAE as Gulf Wealth Strategy Deepens

Key Takeaways

• HSBC has launched an onshore asset management platform in the UAE, registering ten local funds with regulators.

• The move positions the UAE as a core hub for regional and international wealth allocation within HSBC’s network.

• Strategy signals a pivot toward scalable, lower-risk wealth structures following retrenchment in parts of Swiss private banking.

HSBC Holdings has formally established an onshore asset management operation in the United Arab Emirates, registering ten investment funds with the country’s Securities & Commodities Authority. The step places HSBC among the first global asset managers to build and operate a locally domiciled fund platform under the UAE’s investment fund framework.

The funds are managed from within the UAE by HSBC Asset Management, drawing on a global network of more than 600 investment professionals. The initial lineup spans multiple asset classes, risk profiles, and investment themes, targeting both institutional allocators and affluent private clients.

Why the UAE Matters in HSBC’s Wealth Strategy

This move is less about product launch and more about geography. The UAE is positioning itself as a regional wealth hub connecting Gulf capital with global markets, and HSBC is aligning its infrastructure accordingly. By offering onshore funds, the bank provides clients with locally regulated, transparent vehicles that sit alongside its existing international fund and securities platform.

For high-net-worth and ultra-high-net-worth clients, this structure offers flexibility: access to regional growth opportunities without sacrificing connectivity to global portfolios. It also reflects a broader shift toward jurisdictions that combine capital openness with regulatory clarity.

Leadership and Platform Build-Out

HSBC has appointed James Grist as general manager of the new UAE asset management entity. His remit includes developing the onshore fund platform and overseeing broader investment operations in the country, signalling that this is intended to be a long-term capability rather than a symbolic presence.

The launch ties into HSBC’s wider expansion across the Middle East, North Africa, and Türkiye. Recent initiatives include increased investment in the UAE wealth division, a new wealth centre in Dubai, enhancements to Premier banking services, and additional relationship managers focused on affluent and high-net-worth clients.

Strategic Context: From Swiss Retrenchment to Gulf Expansion

The timing is notable. Last year, HSBC’s Swiss private banking arm reportedly reduced exposure to certain Middle Eastern ultra-high-net-worth clients deemed high-risk under internal assessments. Against that backdrop, the UAE build-out suggests a recalibration rather than a retreat: shifting from bespoke, high-risk private banking relationships toward scalable, regulated wealth platforms in jurisdictions aligned with growth and transparency.

For sophisticated clients, the message is clear. HSBC is prioritising markets where wealth inflows, regulatory ambition, and regional relevance intersect, while tightening risk parameters elsewhere.

Forward-Looking Perspective

HSBC’s onshore UAE asset management launch reinforces the Gulf’s rising role in global wealth structuring. For investors, it expands the menu of locally domiciled, institutionally managed products at a time when cross-border considerations, compliance, and jurisdictional choice matter as much as performance.

As the UAE continues to position itself as a bridge between regional capital and global markets, HSBC’s strategy suggests it intends to be a central conduit for that flow—onshore, regulated, and scalable.

For a confidential discussion on how Gulf-based asset management platforms can complement Swiss and international banking structures, contact our senior advisory team.

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