St. James’s Place has received approval from regulators at the Dubai Financial Services Authority (DFSA) as it looks to enter the Middle East market with the opening of a new office in the Dubai International Financial Centre (DIFC), a leading global financial centre in the Middle East, Africa, and South Asia region.
Following formal approval and licencing from the DFSA, the Dubai office will form a part of SJP’s Asia and Middle East business alongside existing offices in Hong Kong and Singapore and supports its 2025 strategic objectives. Currently, the FTSE 100 company has USD192.22 billion (GBP153.62 billion) in funds under management and serves more than 917,000 clients.
The office will be led by Matthew Deeprose, who has been appointed Senior Executive Officer of SJP Middle East and will initially have an adviser base of twenty, which SJP plans to grow as it establishes a presence in the region. Matthew has more than 30 years of experience, including 10 with St. James’s Place, where he has performed several international roles including CEO of SJP Hong Kong Limited.
SJP Middle East will focus on offering financial and wealth management advice to both local and expatriate clients with increasingly complex financial needs. The expatriate population in the Middle East now accounts for approximately 48% of the total population as the Dubai government and others in the region have made significant moves to make the business environment even more attractive for foreign investment and workforces.
Iain Rayner, Chief Operating Officer at St. James’s Place, said: “Dubai has long established its position as a strategic wealth jurisdiction with immense growth potential. A presence in the Middle East will present a wealth corridor supporting a new generation of internationally mobile clients and this is an opportunity for us to expand our international reach as well as that of the SJP Partnership.”
Matthew Deeprose said: “We have chosen to work with the DIFC and DFSA given their reputation as leading authorities and regulators for international finance respectively. Establishing our presence in this market is complementary to our businesses in the UK, Hong Kong, and Singapore and is instrumental in supporting our growth in Dubai and the Middle East. We look forward to working in partnership with the DFSA and DIFC Authority as we grow our operations, providing high quality, regulated advice to those in the region with complex financial needs.”
Salmaan Jaffery, Chief Business Development Officer at DIFC, commented: “Congratulations to St. James’s Place on receiving a licence from the DFSA to establish their Middle East presence in DIFC. The Centre is the perfect location for Wealth and Asset Managers because Dubai has the highest concentration of wealth of any city in the region, and over USD 3trn of private wealth is available within a one-hour flight radius. Dubai and DIFC also continue to attract the very best talent in financial services, including portfolio managers in the hedge fund space. There are tremendous opportunities here for our clients and DIFC is confident that St. James’s Place will successfully grow their business using our platform.”
St. James’s Place joins over 300 Wealth and Asset Management firms in DIFC. Collectively, they represent an AUM of c. USD500 billion.
Exchange rate: GBP 1: USD 1.24 (rate as on 5th June 2023)
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About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
