Abu Dhabi Global Market (ADGM), the new financial hub in the UAE capital, has appointed the former British regulator Hector Sants as the chief adviser to its chairman, Ahmed Al Sayegh.
Mr Sants, who as the chief of the UK’s financial services authority (FSA), helped to steer the British banking system through the 2009 global financial crisis, will join ADGM as chief adviser to the chairman, as well as the head of its regulatory body, Richard Tang, and other members of the ADGM board.
The appointment is effective immediately but will be of a short-term nature.
ADGM aims to be able to receive applications from big financial services companies by the middle of next year.
“Hector’s guidance will be instrumental in ensuring that ADGM develops as a truly global international financial centre supported by regulations, laws, practices and a highly qualified and seasoned team that meet the highest standards in the world,” Mr Al Sayegh said.
Mr Sants ran the FSA from 2007 until 2012, then joined Barclays as an executive in charge of compliance and other regulatory matters, before leaving a year ago.
He began his career as an investment banker with the Swiss lender UBS. ADGM is in the process of finalising regulatory, registry and judicial infrastructure on Al Maryah Island in Abu Dhabi. It aims ultimately to be a full financial hub but will initially focus on private banking, wealth and asset management.
“Abu Dhabi has the right components to become an important top-tier financial hub. It has established a number of leading financial institutions, based in the emirate and transacting business the world over,” said Mr Sants.
“These components, combined with the Abu Dhabi’s positive reputation and strategic geographic location, provide the ideal basis for continuing the emirate’s dynamic evolution as a prominent international centre for financial services.”
fkane@thenational.ae
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