It has been granted a Category Four Investment Advisor Licence and will operate from its new office in Dubai’s DIFC.

The decision to enhance its offering in the region comes shortly after the wealth manager formally completed the acquisition of the Brooks MacDonald International business in Guernsey, the Isle of Man, and Jersey. Canaccord already has a branch in Singapore serving clients in South East Asia, which opened in 2018.

“We want to increase our presence and footprint in the Middle East, and I am delighted that we now have a permanent base to serve clients who want a wealth manager that goes above and beyond,” CEO of Canaccord Wealth, David Esfandi said in a statement yesterday.

“With a strong, established presence in the UK, Guernsey, the Isle of Man, and Jersey, our office in Dubai’s DIFC puts us in an even stronger position to support clients across borders. We are very well positioned to work with expats and international clients who want to grow their wealth with confidence,” Andy Finch, CEO of Canaccord Wealth’s international business, added. “We see many opportunities in the Middle East and now we can discuss, with clients and connections, our centralised investment philosophy from a regulated base.”

Richard Burden, executive officer (SEO), who has 30 years’ experience working across the Middle East, has recently re-located to Dubai. “We already have strong relationships with intermediaries and clients in the region. I am looking forward to strengthening those connections,” Burden said.

Wealth managers, banks, advisors and others in the financial services sector continue to open offices and appoint staff in the United Arab Emirates and the region, tapping into rising wealth levels. Among firms boosting and establishing presences in the UAE and wider Gulf region in recent months are Indosuez Wealth Management, IQ-EQ, Bank of Singapore, GSB Capital, Maerki Baumann & Co, Titan Wealth, and bfinance. Jurisdiction's such as Dubai's DIFC have rolled out offerings to attract family offices, for example, and Abu Dhabi also competes in this area. There's been considerable inflow from expats in other parts of the world, sometimes to escape rising tax burdens and perceived falling quality of life.