Middle East Wealth Management Forum 2019Post Event Report22 January I Dubai

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MIDDLE EAST WEALTH MANAGEMENT FORUM 2019 - POST EVENT REPORT 3

Summary

Hubbis is delighted that our delegates and speakers all enjoyed a remarkably positive and insightful day on January 22 in Dubai, when we hosted our 4th annual Middle East Wealth Management Forum.

The Gulf Cooperation Council (GCC) region continues to present an enticing and opportunity in wealth management for domestic and foreign players alike, and an increasingly sophisticated regulatory, products and services environment for clients and providers alike.

Our full-day agenda included ten presentations and talks, two immensely detailed workshops, and five thought-provoking panel discussions. Combined, these gave the attendees a remarkable depth of vision into the wealth market as it stands today, the opportunities and challenges it faces, and how it can evolve to the next levels.

The event was exclusively designed for CEOs, senior management, product gatekeepers and relationship managers from the leading local Private Banks, Securities Firms, Asset Management Companies, Retail Banks, IFAs, Family Offices, Insurance Companies and various Wealth Management Firms.

The Forum proved without doubt that the wealth management industry is evolving and improving in most of the key facets that are required for success. The regulators are working diligently and insightfully to help improve practices and standards of professionalism, for the end clients and for the industry's main protagonists. Institutions in the Middle East, as well as more and more international firms, are gravitating to the UAE as a growing base for serving clients in the GCC countries as well as to service the opportunities increasingly manifesting themselves in North Africa. Both the onshore and offshore elements of the wealth market are advancing apace.

But the Forum delegates also learned that there is much work to be done as the market reaches out towards the international standards, practices and general dynamism and diversity of benchmark markets such as Singapore, or Hong Kong. Professionalism, the nurturing of talent and embracing technology and digitalisation are all essential areas, for example, where real progress must, and no doubt will be made.

Malik Sarwar, CEO of wealth management firm KS2 Leaders, USA and also Chairman of Hubbis, summed up much of this in his brief but well-chosen closing remarks. Sarwar recommended that delegates each thought about and took away three key messages from all the talks and discussions that they felt were highly relevant to their growth as professionals and as individuals. And he closed the event by exhorting the attendees to embrace real, solid values, and to become role models as professionals and as people for their current clients and the younger generations of clients in the future.

We have set out below a snapshot of the talks, presentations, workshops and panel discussions that made January 22 such a positive and informative day. We thank all our excellent speakers and presenters and our delegates and we look forwarding to welcoming you again in January 2020.

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Attendee Profile

Private Banks26%

22%

20%

13%

3%

7%

9%

Retail Banks

Independent Firms

Technology

Asset management

Professional services

Other

Job role

C - Level

Product/ Investment

Business Head

Adviser/ Wealth Manager

Other

28%

22%19%

17%

14%

SALES1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

MIDDLE EAST WEALTH MANAGEMENT FORUM 2019 - POST EVENT REPORT 5

Abu Dhabi Commercial BankAbu Dhabi Islamic BankAdam GlobalAhli United BankAl Ahli Bank of KuwaitAllfunds BankAlliance InvestmentsArbuthnot LathamArch CorporationAriaARIA Capital ManagementASAP Wealth ConsultancyAsas CapitalAsiaciti TrustAvon Insurance BrokersAZB & PartnersBalmorBanque Cantonale de GenèveBanque HavillandBanque Internationale A LuxembourgBLMEBNP Paribas Wealth ManagementBNY MellonBo Fric AssociatesBrite Advisory GroupBryan Cave Leighton PaisnerCapital for LifeCasamont CyprusChartered Institute for Securities & InvestmentCitibankCompassCompass Financial ServicesCompass Financial SolutionCompass Financial SolutionsCompass Insurance BrokersContinental Financial ServicesContinental Group

Attendees from these firms

Continental Intenational GroupCredit SuisseCW PartnersDavidson & CoDBS BankDIFC AuthorityDiligenciaDLA PiperDrew & NapierDubai Financial Services AuthorityEmirates CapitalEmirates Insurance AssociationEmirates Investment BankEmirates NBDEmirates WealthEmpower One Research ConsultancyERI Banking SoftwareETIVE ConsultingEYFalcon Private WealthFAME AdvisoryFiduchiFinancial Risk SolutionsFirst Abu Dhabi BankFirst Eastern CapitalFoot AnsteyFriends Provident InternationalGateway Insurance BrokersGlobaleyeGreenshield Insurance BrokersGuaranti InternationalGulf International FinanceHalwynHart ConsultancyHDFC BankHenley & PartnersHerrHolborn

HowdenHPL Yamalova & Plewka DMCCHSBC BankHSBC Global Asset ManagementIndex & CieINTL FCStoneInvescoInvestme Financial ServicesInvestors TrustIRC InvestJ. Rotbart & Co.JHC FinancialJulius BaerK2 LeadersL&T Capital MarketsLazard Asset ManagementLeman TrusteesLevariLifecare InternationalLK ConsultingLPH Insurance BrokersLS Wealth ManagementM/HQMakeen AdvisorsMalca AmitMarya GroupMashreq CapitalMaurice Turnor GardnerMercantile Global ServicesMercury Hamlin & AssociatesMindful WealthMondialNedbank Private WealthNew Age Insurance BrokersNEXGEN Desert GreenNext Generation EquityNexus Insurance BrokersNoor CapitalNoor Takaful

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SchrodersSeguro Private WealthSimmons & SimmonsSolydaSovereign GroupStandard Chartered BankSun Life FinancialSwiss Global GroupSwiss ILC ServicesSwissquoteTakaful Emarat InsuranceTakaud Savings & PensionsTata InternationalTaurus Wealth Advisors

Northstar Financial ServicesOcorianPetra Insurance BrokersPlurimiPrincipal Global InvestorsProvidence LifePwCQuadrant Advisory ServicesQue CapitalRAK International Corporate CenterRGM Management ConsultancyRif Trust InvestmentsRoyal Pearls investmentSami Capital

UBSUnion InsuranceUnion National BankVita International Insurance BrokersWealth ElementWealth Invent Commercial BrokersWehbe Insurance BrokersWhitmillWincore Advisory GroupWorld Gold CouncilXanara AdvisorsZurich International Life

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Speakers

Cedric LizinUBS

Peter HuberZurich International Life

Bart KendallGlobaleye

Yunus SelantAllfunds Bank

Fahad VerseyUnion Insurance

Jeroen SimonsSun Life Financial

Sai NarainHSBC Bank

Philip StoryInvestors Trust

Laurence BlackAsiaciti Trust

Tim DentonEmirates NBD

Damian HitchenSwissquote

F. Edward LopezJHC Financial

Kimberley WilksPwC

Ashok SardanaContinental Group

Ilya KustovCasamont Cyprus

Malik S. SarwarK2 Leaders

Conrad LimLGT Bank

Yann MrazekM/HQ

Nirav Dinesh Kumar ShahFAME Advisory

Nisarg TrivediSchroders

Andrew NaylorWorld Gold Council

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Shiraz HabibFirst Abu Dhabi Bank

Oliver KettlewellMashreq Capital

Nick SavastanoInvesco

Muneer KhanSimmons & Simmons

Matein KhaledAsas Capital

Biswajit DasguptaEmirates Investment Bank

Christian CameronDubai Financial Services Authority

Sean KelleherMondial

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Key voting poll results The Hubbis Middle East Wealth Management Forum 2019 event in Dubai on January 22nd provided fascinating and thought-provoking discussions and talks for the assembled delegates. As usual we also polled the attendees and mined out the following nuggets.

Over half of our audience represented Retail and Wealth distributors, 21% attended from private banks, platform providers made up 17% and 7% were from asset management firms.

Planning-led long term goals are most important to our clients in the Middle East.

84% of our audience believe that constant grooming and upskilling of talent is most important for their frontline talent focus.

57% of attendees said that their clients show MUCH interest in robo and digital platforms.

82% of our audience is confident they will not be replaced by a Robot within ten years.

44% of clients regularly complain about their lack of privacy.

75% of clients accept that they must be tax compliant and embrace all the consequences that entails.

Three quarters of our audience do NOT have a will.

90% of our attendees believe the transfer of wealth to the next generation is a big opportunity.

88% of the audience believe there will be a move to a fee for service model in the next 5 years in the UAE.

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Key survey results -Business practices are evolving fastThe evolution of the global wealth management industry is finding its way to the Middle East’s growing and increasingly dynamic private wealth market. Time is money, and ever-increasing regulatory demands and client needs require the application of smart technology to help the business grow and mature.

The hybrid model is in favourDigitalisation is essential but, in the Middle East market, as it stands, the human touch still has the upper hand in relationship management, especially for the upper end of the high-net-worth (HNW) market.

Relationship management is all about client ‘centricityKnow your client, understand your client, fulfil the needs and expectations of your client. If you can do this, then you are on track to become trusted adviser to your clients and to build a fine book of relationships and business for yourself and your firm.

Talent is currently finite and must be boostedThere are clearly concerns about the general quality of advisers and other professionals and insufficient depth in numbers. This is a real issue for the growth of this industry in the region and change of mindset must be addressed, and in some quarters is being improved.

DIFC shinesThe Dubai International Financial Centre, bolstered by excellent, forward-thinking regulatory advances, is ever more assembling the key ingredients to become increasingly well-recognised, well-regarded and sizeable hub for the MENA & Sub-Indian continent, but much more must be achieved to replicate the sort of achievements as seen in Singapore.

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Advice from speakers and presenters duly notedMany delegates remarked on the quality of insights and advice from the highly experienced speakers and presenters who kindly participated in our panels, presentations and Workshops. Of special note was advice on digital implementation, client engagement, retention and expansion, advice on skills and competencies, perspectives on global opportunities and investment insights, best practices and compliance, asset protection and family wealth transitioning. Panels covered highly topical subjectsMany delegates were energised by the lively debate during the panel discussions, and appreciative of the insights from highly-experienced practitioners who brought their real-life wealth management experience to the table and genuinely shared their insights with a seeming intention to educate, inform and advise. The topics of discussion were considered very relevant to the market, whether that was wealth structuring and family transition, or digitalisation, or global investment opportunities, or another topic. The panels were well liked and as one response mentioned: “kept the audience glued”.

Workshops provide depth of insightThe two workshops, one on the development and incorporation of fintech solutions, the other on the qualities of a top-flight wealth management professional, were both praised for their content and advice.

Presentations were thought-provokingThe breadth of topics covered in the presentations helped the delegates better appreciate a range of concepts and opportunities, ranging from insurance solutions to fintech enablement to the regulatory environment and compliance and even to EU-centred property and alternative citizenship opportunities.

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Middle East Wealth Management Forum 2020

Tuesday 21st January, 2020