UAE bank Mashreq has announced the launch of its External Asset Management (EAM) coverage desk, which provides expert guidance and personalised services to external asset managers across the Middle East.
The desk builds on Mashreq’s Private Bank’s capabilities, enabling the bank to meet the growing demand for services from family offices and ultra-high-networth individuals (UHNWIs).
The move highlights how Mashreq has consistently led the way in innovation, catering to evolving trends and customer demands across the financial spectrum. In 2020, building on its strong foundation in wealth management, Mashreq’s Private Banking division became one of the region’s first banks to introduce a dedicated family office desk.
Adding the EAM coverage desk to the division further enhances Mashreq’s ability to provide specialised services to the private banking segment, demonstrating the bank’s commitment to supporting clients with diverse and complex financial needs.
The EAM desk adopts Mashreq Private Banking’s service excellence approach, where each EAM – and subsequently their clients – benefits from a dedicated team of relationship managers, customer service managers and investment specialists.
Serving clients across the globe, the desk caters to the growing independent wealth sector, offering bespoke investment solutions tailored to the distinct needs of each customer.
“The launch of the EAM desk at Mashreq Private Banking significantly reinforces our commitment to providing innovative and bespoke wealth management solutions,” says Vipul Kapur, head of Mashreq Private Banking.
“This new platform will allow us to deepen our collaboration with external asset managers, offering their clients enhanced flexibility and access to global markets. With Mashreq’s expertise, digital innovations and strong regional and global presence, clients will benefit from a seamless one-stop solution for banking and sophisticated wealth management. By offering customised strategies and a unique service model, [the] EAM desk is comprehensively equipped to assist clients in achieving their financial goals with confidence.”
Navin Chokhani has been appointed to lead the desk, along with his current role managing the Mashreq Private Banking value proposition.
The EAM desk’s wide range of services, including access to multicurrency accounts, dynamic financing solutions and Lombard lending, enables customers to manage and expand their wealth efficiently.
Furthermore, Mashreq’s international market offerings include investment opportunities across funds, bonds, local and global equities, structured products, and local initial public offerings (IPOs), offering clients a comprehensive toolkit for wealth optimisation.
This also benefits the growing number of affluent clients who have recently moved to the UAE and continue to relocate. It allows them to maintain their established advisory teams and seamlessly leverage Mashreq’s EAM model without disrupting their existing structure.
“The launch of the new EAM desk is expected to be a game-changer for the UNHWI client segment, underscoring Mashreq’s commitment to exceptional service and solidifying our position in the competitive private banking landscape,” says Kapur.
“As the financial needs of UHNWIs evolve, Mashreq’s continuous innovation – and adaptation of our offerings to provide tailor-made solutions – cements our position as a leader within the market.”