London-based wealth manager Stanhope Capital is to expand its activities into the Middle East in partnership with a bank owned by Saudi Arabia’s Public Investment Fund (PIF).
The strategic partnership with Bahrain-based Gulf International Bank (GIB), a pan-GCC banking group, will target ultra-high net worth individuals (UHNWIs) or families with more than $100mn in investable assets as well as institutional clients.
Daniel Pinto, Chairman & CEO of Stanhope Capital Group, said: “The demand for asset and wealth management services in the GCC is immense and our ability to combine the GIB Group’s access and expertise with our long-standing experience servicing the most demanding institutional and private clients globally will create something unique in the region.”
The agreement will offer clients a suite of services including advisory, outsourced chief investment officer (“OCIO”) and discretionary wealth advisory, expanding the GIB Group’s existing offering, which includes commercial banking, retail, treasury services, asset management, investment banking and Sharia-compliant banking services.
The partnership will enable the GIB Group to extend its suite of value-added services to clients to include asset and wealth management locally and on a global basis.
For Stanhope, whose core business is to offer wealth management and advisory services to its global client base, the agreement is an opportunity to further expand in the GCC, which has become one of the fastest growing regions for such services and to do so whilst capitalising on the GIB Group’s established regional presence, local expertise and extensive network.
The investment platform offered to clients in the region will cover all global asset classes, including equities, fixed income, hedge funds, private equity and real estate combined with a strong expertise in Sharia-compliant products.
Alternative investments offering access to top-quartile buyout and venture capital managers will form a core part of the offering.
Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, “This agreement is a significant step forward in the GIB Group’s strategy to expand and diversify our offerings, with asset and wealth management as a key pillar of our growth.
“By leveraging our deep regional presence and trusted client relationships, alongside Stanhope Capital’s global investment expertise and strong performance track record, we are creating a compelling wealth advisory proposition tailored for institutional and private clients in the GCC.”
