HSBC has launched a new asset management business in the UAE, becoming the first global asset manager to establish and register a suite of onshore investment funds under the country’s evolving regulatory framework.
The move is widely seen as a significant step in the development of the UAE’s domestic funds industry and its ambition to become a leading international wealth and asset management hub.
The newly established business has registered 10 onshore funds with the UAE’s Securities & Commodities Authority (SCA), offering both retail and institutional investors access to globally diversified investment strategies that are domiciled and regulated in the UAE. The launch follows a series of regulatory reforms aimed at encouraging international asset managers to set up local fund structures, retain capital onshore and deepen the country’s capital markets.
By creating an onshore fund range, HSBC Asset Management is expanding the investment choices available to UAE-based investors, who have historically relied heavily on offshore-domiciled funds. The new platform allows investors to access international markets and strategies through products that are designed, governed and serviced locally, aligning with a broader shift toward transparency, investor protection and regulatory alignment within the UAE.
HSBC said the funds will draw on the firm’s global investment capabilities, including a network of more than 600 investment specialists worldwide, while being tailored to the needs of the UAE’s growing and increasingly sophisticated investor base. The 10 funds span a range of asset classes, investment themes and risk profiles, enabling investors to build diversified portfolios aligned with their financial objectives and time horizons.
Mohamed Al Marzooqi, chief executive officer for the UAE at HSBC Bank Middle East Limited, described the launch as a strategic milestone for the bank and for the wider financial ecosystem. He said establishing an onshore asset management platform supports the UAE’s ambition to become a critical wealth hub within HSBC’s international network, while giving investors greater choice and confidence to grow and protect their wealth locally and globally.
The move comes as the UAE continues to strengthen its position as one of the world’s fastest-growing international wealth destinations. The country has attracted record numbers of high net worth individuals, entrepreneurs and family offices, supported by strong economic growth, business-friendly policies and sustained investment in financial infrastructure. As wealth accumulates in the region, demand has increased for institutional-quality investment solutions that are regulated and managed within the UAE.
Dinesh Sharma, regional head of international wealth and personal banking for the Middle East, North Africa and Türkiye at HSBC, said investor preferences are increasingly shifting from offshore to onshore structures. He noted that regulatory reforms and rising investor sophistication are accelerating this trend, as clients seek solutions that combine global reach with local oversight and servicing.
HSBC Asset Management said the launch of its UAE onshore funds complements the bank’s broader international investment offering, including global trading and securities capabilities. This integrated approach is intended to provide seamless access to both local and international opportunities, reinforcing the UAE’s role as a gateway between regional and global capital markets.
Daisy Ho, chief executive officer for Asia and the Middle East at HSBC Asset Management, said the establishment of a Dubai-based asset management presence reflects the group’s long-term commitment to the UAE and the wider region. She emphasised that while the firm brings global expertise, its focus is on delivering strategies that are accessible and designed around the specific needs of investors in the UAE.
As part of its expansion, HSBC Asset Management has appointed James Grist as general manager of its UAE entity. He will be responsible for leading the development of the onshore funds platform and expanding the firm’s broader investment capabilities in the country.
The new asset management business will sit at the centre of HSBC’s fast-growing wealth franchise across the Middle East, North Africa and Türkiye, linking clients to investment opportunities in Asia and other major global markets. The bank said the UAE’s emergence as a key destination for international capital underpins its strategy of investing in local infrastructure while leveraging its global network.
The launch also follows HSBC’s announcement of its largest investment in the UAE wealth sector in two decades, including the opening of a dedicated wealth centre in Dubai, the rollout of an enhanced Premier banking proposition and a significant increase in relationship managers serving affluent clients.
