Union Bancaire Privée Awarded Qatar Financial Centre License - Leading Swiss Asset Management Bank to Launch Qatar Office
Union Bancaire Privée, a leading Swiss asset management bank and one of the world’s largest hedge funds specialists, announced today that the Qatar Financial Centre Regulatory Authority has granted UBP (Qatar) LLC, a subsidiary of the Bank, a license to operate as an authorised firm at the Qatar Financial Centre.
The license will enable the Geneva-based Union Bancaire Privée to establish their Qatar subsidiary at the Qatar Financial Centre, in Doha, in early 2007.
With unique expertise in asset allocation, Union Bancaire Privée offers a wide range of products and services to private and institutional clients.
“Union Bancaire Privée’s global vision supports expansion within the Middle East and Qatar is a strategic choice for our Bank’s growth, due to this Gulf State’s booming economy and the national government’s commitment to a diversified economy,” said Daniel de Picciotto, Member of the Executive Committee of UBP and Chairman of UBP (Qatar) LLC, the newly created entity.
The upcoming office opening at the Qatar Financial Centre highlights Union Bancaire Privée’s commitment to expanding globally in key growth engine regions, such as the Middle East.
“The Qatar Financial Centre has enabled us to realise our desire to establish a local presence in Qatar, and its robust regulatory framework and comprehensive services will ensure that Union Bancaire Privée can service our Qatar-based clients effectively and in a location that is set to become a major regional finance hub,” said George Azar, Middle East Regional Manager for UBP.
Stuart Pearce, CEO and Director General of the Qatar Financial Centre Authority, added “Union Bancaire Privée is the first Geneva-based bank to be authorized to operate from the QFC. It reflects the high quality and wealth of expertise we are seeking in our licensed firms. We are of course delighted to have been chosen as its partner of choice in the region, which underscores Qatar’s growing status in the GCC’s financial markets.”
Union Bancaire Privée has a strong international presence through a network of branches, subsidiaries and representative offices in close to 20 locations. It employs almost 1,200 people and assets under management amounted to USD83 billion at the end of June 2006.
Union Bancaire Privée
Union Bancaire Privée is based in Geneva and is one of Switzerland’s leading and most strongly capitalised private banks. UBP specialises in asset management for institutional and private clients. Through its network of branches and representative offices, the Group manages above USD 83 billion, with a focus on alternative investments – it ranks as one of the largest providers in this field with USD 30 billion. It is one of the world’s top ranking privately-owned asset management banks, based on client assets.
UBP employs almost 1,200 people worldwide and uses its expertise to offer a complete range of services and investments. The UBP products, which range from alternative to traditional, play a key role in the Bank’s strategy and success and are regularly singled out for awards by the rating agencies.
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.