SFC recovers $191m for investors; Singapore retail market opens up; Algo trading put under the microscope; Saudi restricts foreign buying to 10%; and hedge funds urged to upgrade cyber security.
There are more than half a million wealthy individuals in the Gulf Cooperation Council region with too few private bankers to serve them. It could be time for wealth managers to step up.
The Qatari fund manager would consider a partnership with an Asian firm, but first wants to boost its local equity penetration – a tough ask in the Middle East.
Even relative safe havens such as the GCC countries have suffered from turbulence in the wider Middle East and North Africa, despite the region’s potential.
Asset managers in the Middle East and North Africa are mulling expanding both regionally and further afield, according to a recent survey.
A meeting in Muscat attended by leaders of Bahrain, Kuwait, Qatar, Saudi Arabia and UAE concludes with plans to set up a Gulf central bank and introduce a common currency not unlike the euro.