Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

HSBC private banker quits to launch family office

HSBC private banker quits to launch family office

Hossam Alsaady has left his role as head of the Middle East and North Africa at HSBC Private Bank in the UK to open his own wealth management boutique, Wealth Manager can reveal.

The wealth management business will be called Godolphin Wealth Advisors, run as a family office focused on Middle Eastern clients. Wealth Manager understands the intention is to launch in May, subject to FCA approval.

Alsaady joined HSBC in 2010, where he also served as head of Saudi private banking. Prior to that he worked at NCB Capital, a Saudi bank, as head of high net worth wealth management and then head of strategy.

According to the latest McKinsey Global Private Banking Survey, Middle Eastern high net worth individuals’ wealth will hit £2 trillion by 2015, up from £1.3 trillion in 2012. Of that, Saudi Arabia accounts for around 40% of the total wealth pool in the Gulf Cooperation Council.

The consultancy noted that approximately 70% of these wealthy individuals’ assets are held offshore, though, with the majority booked in London and Switzerland.

The McKinsey research also highlighted the attractiveness of the Middle East for the wealth management business: the industry’s average profit margin there was 68 basis points in 2012, compared with 23 basis points in Western Europe. This is despite cash still being the dominant asset class for high net worth investors in the region.

McKinsey nevertheless argued that the key to winning Middle Eastern clients would be ‘the shift from providing a red-carpet banking service to offering a true wealth management proposition’.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Carl Harald Janson: why biotech is on a 20-year bull run

Carl Harald Janson: why biotech is on a 20-year bull run

The manager of the International Biotechnology Trust explains why his confident about the sector's long term prospects.

Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play How BlackRock Income Strategies is positioning for a crash

How BlackRock Income Strategies is positioning for a crash

Adam Ryan keeps his powder dry as he positions the BlackRock Income Strategies investment trust for a market correction. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter