Wealth Firm Azura Swaps Monaco for Abu Dhabi After Lunate Deal - Bloomberg
Abu Dhabi-based Lunate is taking a stake in Azura Partners, the fast-growing wealth manager started by former Julius Baer Group Ltd. executive Ali Jamal.
With Lunate’s backing, Azura will ramp up hiring and offer more products, all aimed at boosting its assets under management which currently stand at around $5 billion, according to a statement. The firm will remain independent, with Jamal and the current management maintaining operational control.
As part of the deal, the wealth manager will also move its headquarters from Monaco to Abu Dhabi, where the city’s financial center has been locked with other regional hubs in a race to attract the world’s top financial firms and funds.
“Abu Dhabi has become a home for ultra-high net worth individuals and a hub for family offices,” Jamal said in the statement, which didn’t disclose the financial details of the transaction. “Its emergence as a leading financial center presents immense opportunities.”
Lunate’s move is the latest sign that entities from the emirate are looking to extend a global buying spree aimed at cementing Abu Dhabi’s status as a major international financial center. The $110 billion firm is majority owned by 2PointZero and the sovereign wealth fund ADQ is an anchor client.
The alternative asset manager has sealed several deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. Last year alone, Lunate made more than 50 fund commitments, co-investments and direct deals.
Established in 2019, Azura predominantly serves ultra-rich clients such as entrepreneurs and families. It’s been expanding rapidly in recent years with hires from companies including Citigroup Inc. and UBS Group AG and opening offices in major private banking markets like Geneva, London, New York, Miami, Singapore and Dubai.
The Middle East is home to several billionaire families and financial hubs like Abu Dhabi and Dubai have increasingly attracted the world’s wealthy because of its low tax environment. Global banks, in return, have been steadily adding staff in the region to serve the growing class of high net worth individuals.
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