Mashreq Bank boosts wealth management products as demand for investment rises

Mashreq Bank's head of wealth management Ishrat Kiyani said the Dubai-based lender is beefing up its mutual fund range and portfolio solutions as clients increasingly invest excess funds through local banks and financial services firms.

"We are seeing a new development in the wealth management sector," Mr Kiyani told The National. "A few years ago, a lot of our clients' money was being moved overseas but now the tendency is to invest that money onshore."

The bank doubled the number of mutual funds it offers clients to 80 last year and will soon increase them to 150, he said. It also introduced tailored portfolios for different risk appetites. The moves come after the bank's assets under management had double digit growth last year amid buoyant markets and an increase in subscriptions.

"Banks are waking up to the fact that this is a very profitable business for them and therefore more and more banks are vying foe a share of the pie and expanding their local presence," said Mr Kiyani.

The executive said that due to increased competition in the wealth management space in the UAE, the number of investment opportunities was rising with products available becoming more sophisticated. These include bond funds that increase the yield they pay out by borrowing money to enhance the return of the investment, he said.

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Mashreq Q3 profits up 35% on lower impairments

Mashreq Bank starts online-only bank as financial services go digital

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The UAE has been increasing its attractiveness as an onshore hub for private banking to compete with other more developed arenas such as Switzerland and Singapore. As a result, private banks have been making a beeline to Dubai to set up shop. Over 60 private banks and asset managers are based in the emirate to service the wide region.

Local banks have also been building up their wealth management divisions to reap more profits from non-interest income as they look to diversify their sources of revenues away from loans amid one of the longest stretches of low interest rates on record. Over the past two and half years, Mashreq has doubled the number of its relationship managers to 70 and may add more this year, the executive said. That comes as the bank overall expects a reduction in headcount due to more digitisation.

"Over the past decade, this region has earned its status as a global financial hub," Mr Kiyani said. "Also the growth opportunities for wealth management in the GCC are immense. Over the past 10 years, there has been a huge boom in oil prices that has generated wealth not only for individuals but for governments in terms of sovereign wealth funds.

"Wealth management is an integral part of that and that's an area that many banks are concentrating on because they feel they can make more income from that. That's been our case too, we've been driving up our wealth business and its paid good dividends in the past two years for us. So that's the emphasis for 2018 for us as well," Mr Kiyani said.

And even though there are a number of geopolitical headwinds this year, there are also a number of catalysts for economic growth for in the region that include Saudi Arabia's economic transformation plan and infrastructure projects undertaken Dubai's Expo2020, he said.

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.

In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

'The%20Alchemist's%20Euphoria'

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The 10 Questions

Is there a God?
How did it all begin?
What is inside a black hole?
Can we predict the future?
Is time travel possible?
Will we survive on Earth?
Is there other intelligent life in the universe?
Should we colonise space?
Will artificial intelligence outsmart us?
How do we shape the future?

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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End of free parking

- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

What is double taxation?

Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.

Palestine and Israel - live updates

Ground forces near Gaza 'told to prepare' for possible invasion

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

If you go

Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.

SUZUME

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