{"id":55,"date":"2008-06-23T02:16:01","date_gmt":"2008-06-23T06:16:01","guid":{"rendered":"http:\/\/blogs.law.harvard.edu\/sammy\/?p=55"},"modified":"2009-06-23T02:19:53","modified_gmt":"2009-06-23T06:19:53","slug":"private-banking-in-the-middle-east","status":"publish","type":"post","link":"https:\/\/archive.blogs.harvard.edu\/sammy\/2008\/06\/23\/private-banking-in-the-middle-east\/","title":{"rendered":"Private banking in the Middle East"},"content":{"rendered":"<p>Middle East is one of the fastest growing market for private banks. The international monetary fund estimated the GCC countries have more than $1.5 trillion in total private wealth. Like other regions, the Middle East market is unique in many ways. If you live in the region and plan to use a private bank to help you manage wealth, make sure you use the information below to help you find the right solution:<br \/>\n<strong><br \/>\nSize, reach and offshore presence<\/strong><br \/>\nGlobal private banks can provide the size and reach in terms of product offerings that many smaller firms can&#8217;t. Many clients in the region want to hold US dollars and Euro, and have a more conservative investment philosophy. Therefore, strongFX , cash and fixed income products offerings are essential for clients in the region. In addition, ask about the benefits of offshore accounts as they may suit your special need.<br \/>\n<strong><br \/>\nMinimum account size<br \/>\n<\/strong>It is not uncommon for large global private banks to have minimum account size. Some require as much as US$5 millions of net assets before they accept a private banking client. Smaller local banks in the Middle East however, are willing to accept clients with accounts as small as $500,000. If you prefer to invest a smaller amount you may want to get in touch with some of the boutique banks who are willing to partner with you.<br \/>\n<strong><br \/>\nEstate and succession planning capabilities<\/strong><br \/>\nMany clients in the region come from the &#8220;old money&#8221; circle, estate and succession planning therefore play a major role in the financial planning process. Some banks are famous for their services in this area, therefore it is wise for you to inquire about these capabilities when choosing a wealth manager.<\/p>\n<p><strong>Investment banking services<\/strong><br \/>\nIf you are considering a global firm, you might want to ask about their investment banking division. Ideally, wealth management advisors can refer you to the right investment banking professionals to handle your business&#8217;s need to raise capital and handle mergers. Currently many investment banks aim to provide a holistic financial solution to their clients and usePWM as the relationship entrance point.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Middle East is one of the fastest growing market for private banks. The international monetary fund estimated the GCC countries have more than $1.5 trillion in total private wealth. Like other regions, the Middle East market is unique in many ways. If you live in the region and plan to use a private bank to [&hellip;]<\/p>\n","protected":false},"author":1920,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6194],"tags":[16474,16475],"class_list":["post-55","post","type-post","status-publish","format-standard","hentry","category-private-banking","tag-private-banking","tag-wealth-management"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/posts\/55","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/users\/1920"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":2,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":57,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/posts\/55\/revisions\/57"}],"wp:attachment":[{"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/media?parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/categories?post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/sammy\/wp-json\/wp\/v2\/tags?post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}