The move will enable Abacus’ Dubai-based clients to access Brooks Macdonald’s international investment management services – including its discretionary multi-asset and direct equity and bond strategies. These will become “central to Abacus’ client proposition.“ Both firms focus on fee-based Financial Planning and investment management.
Clients of Abacus, which was set up in Dubai in 2013 by a mainly British team, will also be able to use Brooks’ team of 90 investment professionals in the UK and Channel Islands. Brooks Macdonald says this structure is aligned with Abacus’ model of clearly distinguishing between the roles of Financial Planning and investment management. Brooks Macdonald will also offer additional services to Abacus in the form of enhanced reporting, training and marketing support.
Darren Zaman, chief executive, international at Brooks Macdonald said: “This international strategic alliance is a first for Brooks Macdonald and an important step as we continue to extend our services and build on the positive momentum of our international strategy.
“Dubai is an exciting market with a growing expatriate community, which we believe offers good opportunities for growth. The quality, experience and fee-based model at Abacus made them a natural fit for our first international alliance and we are confident that our investment solutions will help to meet the needs of their clients.”
Con Lillis, co-founder and director at Abacus, said: “This strategic alliance is a landmark moment for Abacus. Providing high quality discretionary investment management services is part of Brooks Macdonald’s 25-year-old heritage, and aligns with our service-led, holistic Financial Planning proposition.
“Like many other financial advisory markets around the world, the environment in Dubai is fast changing as financial regulation and client needs evolve with the times. Partnering with Brooks Macdonald – like us, a pioneer of fee-based advice – underlines how we are responding positively to these regulatory changes in Dubai, as local demand grows for quality, fee-based advice with well recognised discretionary investment managers.”
Brooks Macdonald Group was founded in 1991 and began trading on AIM in 2005. It had discretionary funds under management of £8.92bn as at 30 September 2016. It has 12 offices across the UK and the Channel Islands including London, Edinburgh, Guernsey, Hale, Hampshire, Jersey, Leamington Spa, Manchester, Taunton, Tunbridge Wells and York.
Abacus Financial Consultants LLC provides Financial Planning advice to both personal and corporate clients within the UAE. It was founded in 2013 by five experienced advisers with over 100 years of collective financial advisory experience in both Europe and the Middle East. It is regulated by the Securities and Commodities Authority (UAE) with its head office based in Dubai.