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Intertrust surveyed professional The study revealed concerns
advisers servicing clients based over political stability as the key About Intertrust
in the UAE, Saudi Arabia, Qatar, driver behind structuring outside
Oman, Kuwait and Bahrain to of the region, which was cited by Intertrust delivers high-quality,
examine their views on wealth 83% of respondents. This has tailored corporate, fund, capital
structuring, the rise of families galvanised many families into market and private wealth services
with a global mindset and focusing on their affairs and taking to its clients, with a view to building
succession planning. This survey of the necessary steps to safeguard long-term relationships. Intertrust
professional advisers in the region their assets. Other drivers are the works with global law firms and
reveals that the next generation of popularity of overseas education accountancy firms, multinational
Middle Eastern family offices have a (57%); increased access to global corporations, financial institutions,
growing global outlook. tech-enabled financial solutions fund managers, high-net-worth
(53%) and better travel and individuals and family offices. It has
The survey found that 74% of
communication links, enabling 3,500 specialists working across 30
advisers expect high net worth Middle Eastern families to take a
families in the Middle East to adopt a countries, including the world’s most
more global view of their region. important financial centres and its
more global mindset. It also showed
HQ is Amsterdam, The Netherlands.
that 83% of respondents believe According to the study, Family
concerns over political stability is Offices are predicted to be
the main driver behind structuring the fastest growing wealth
outside the region. They predict structuring vehicle among Middle
that family offices, special purpose Eastern wealthy families. With
vehicles and corporate structures their investment management,
will rise in popularity. ownership tracking and reporting
Wealthy Middle Eastern families capabilities, family offices are
are adopting an increasingly gaining pace especially in the
global mindset, and this is having UAE thanks to its sophisticated
a profound impact on their wealth infrastructure, skilled employment
structuring strategies with greater market, flexible regulatory regime
adoption of sophisticated structures and excellent global transport
such as family offices and special links. Special purpose vehicles
purpose vehicles, according to a and corporate structures were
new study. ranked in second and third places
respectively.
Almost three-quarters (74%) of
advisers expect high net worth
families to become more global
over the next five years, driven Advisers are witnessing dramatic
primarily by the next generation’s changes in the Middle East region’s
desire to expand their business wealth structuring landscape. As
interests beyond the region. As
a result, the research underlines living, learning and working overseas
a growing demand for legacy is becoming common particularly
plans to be based on international among the next generation, families
best practice (58%) and greater are becoming increasingly mindful of
awareness of the impact of the region’s political landscape and the
governance and regulation (58%). need to mitigate risk by taking a more
sophisticated approach to managing
their wealth. As a result, we’re seeing
significant growth in investment structures
such as family offices, special purpose
vehicles, funds, offshore trusts and PTCs.

Ian Rumens, Global Head of Private
Wealth at Intertrust

www.MiddleEast-Business.com 7 year, Issue 26, Mar - May 2020
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