Swiss bank NPB forms joint venture to set up wealth advisory business in Abu Dhabi | The National
Neue Privat Bank, a Zurich-based private bank, is tying up with investment company Almha to set up a private wealth advisory business in Abu Dhabi’s financial free zone.
NPB and Almha – a company founded by London-based entrepreneur Amjed Al Jaffery and Hareb Al Darmaki, a former chairman of the Central Bank of the UAE – are seeking a Category 4 licence to operate from Abu Dhabi Global Market, NPB chief executive Markus Ruffner told The National in an interview.
The joint venture entity is expected to be operational by the middle of 2021, subject to regulatory approvals, he said.
NPB, a small Swiss private bank, operates through a network of global managers who invest across asset classes including equities, debt, convertible instruments, private equity and real estate investments.
“Even the very large [private] banks, they are not very good in all markets and all asset classes,” Mr Ruffner said. “We have a lot of asset management companies … we choose [partners based] on what our clients need … [and pick] really the best for different investment segments.
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