Abu Dhabi-based First Gulf Bank (FGB) yesterday announced the launch of its wealth management services 'First Wealth'.
Set up to target the UAE's and the region's high net worth individuals (HNWI) and mass affluent segments, First Wealth offers a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele, the bank said in a statement.
HNWI wealth has grown significantly in the Middle East, with recent estimates by the World Worth Report saying the number of millionaires (in dollars) in the region grew by 11.9 per cent in 2006 to stand at 300,000 with a combined wealth of $1.2 trillion.
"With massive increases in available capital, the Arab world is proving to be a very promising investment partner. With the launch of First Wealth we are ideally positioned to offer existing and potential HNWI clients a dynamic investment opportunity, through wide ranging asset allocation portfolios," said Andre Sayegh, CEO, FGB.
The bank will initially have access to more than 3,600 investment and insurance products across asset classes with a capital guarantee provisions available, offering an unparalleled choice for customers.
"FGB provides a diverse range of opportunities for savings and investment portfolio construction through carefully selected products, managed for our clients by our certified relationship managers," said Mufazzal Kajiji, head of wealth management, FGB.
First Wealth services will also oversee clients' other investment portfolios such as health plans, savings and insurance, offering a holistic personal finance management service ensuring unparalleled efficiency.