Global investment bank Goldman Sachs is boosting its presence in Saudi Arabia by offering private wealth management services to ultra-rich clients as the kingdom's economy grows amid diversification efforts.
Goldman Sachs has already had a presence in the Saudi capital Riyadh since 2008, and the new offering extends its capabilities in the kingdom, it said in a statement on Tuesday.
“Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base,” said Rob Mullane, co-head of private wealth management for Europe, the Middle East and Africa at Goldman Sachs.
“Our aim is to deliver access for regional clients to Goldman Sachs’ ... private wealth management business, opening up local and global investment opportunities, and contributing to the local financial industry.”
Goldman Sachs Private Wealth Management, which has $1.8 trillion of client assets under supervision as of September 30, offers services to ultra-high net worth individuals and families, as well as select institutions, including foundations and endowments.
“Goldman Sachs sees exciting opportunities to partner with clients in Saudi Arabia, where it will offer a range of investment choices across public and private asset classes,” it said. “The region benefits from a unique concentration of ultra-high net worth individuals and growing diversification of the economy.”
Other companies have also started offering private wealth management services in the region as more wealthy people flock to the region.
Earlier this month, Switzerland’s largest bank UBS said it opened an advisory office in Abu Dhabi's financial centre as it seeks to capitalise on the influx of wealthy people to the UAE.
The office at Abu Dhabi's ADGM is UBS's second in the UAE, after the branch in the Dubai International Finance Centre.
Last month, HSBC, Europe's biggest bank by total assets, also announced plans to launch a dedicated wealth centre for affluent clients in Dubai, in an effort to grab a larger share of the rapidly growing wealth and asset management business in the UAE.
