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Falcon Private Wealth opens DIFC branch

The bank currently has a total of $18 billion assets under management of which about $2.5 billion is from the Middle East region.

Dubai: Falcon Private Wealth Dubai, a wholly owned subsidiary of Falcon Private Bank Switzerland, said on Wednesday that it received final licence approval from the Dubai Financial Services Authority, or DFSA, to operate from the Dubai International Financial Centre, or DIFC, with immediate effect.
Under the '3c licence' type, the bank will be in a position to offer customised financial solutions to our regional clients. Eduardo Leemann, chief executive officer of Falcon Private Bank, said the DIFC licence would enable it to strengthen local wealth management capabilities and provide clients with even more customised financial services.
Dr Erich Pfister, Global Head Private Banking and Chairman of Falcon Private Wealth Dubai, said the step emphasised the bank's strong commitment to the UAE and aims to support its growth plans in the Mena region.
The bank currently has a total of $18 billion assets under management of which about $2.5 billion is from the Middle East region. While more than 80 per cent of assets are booked from Switzerland, Falcon also has a booking platform based out of Singapore.
In the region, there are over 60 private banks operating, of which most are based in Dubai. According to Boston Consulting Group, private wealth in the UAE is projected to post a compound annual growth rate of 10.7 per cent to reach an estimated $1 trillion in 2019.
A Boston study revealed that private financial wealth in the UAE grew by 8.4 per cent in 2014, driven mainly by equities.
Over the next five years, total private wealth globally is projected to post a compound annual growth rate of six per cent to reach an estimated $222 trillion in 2019.  A study by the consultants Strategy& showed that while wealth in the Gulf region grew at an average of 17.5 per cent a year from 2010 to 2014, doubling to $2.2 trillion from $1.1 trillion, the UAE's wealth increased at an annual growth rate of 25 per cent. The UAE's share of the region's wealth increased to 30 per cent from 24 per cent between 2009 and 2013, the report said.
- issacjohn@khaleejtimes.com