The Gulf-based firm is building out its private banking arm and the external asset management group is part of that process.

Mashreq has launched its new external asset management coverage desk, tapping into growth in the EAM space in the Gulf region.

The bank said that adding the EAM desk will bolster its private banking and wealth management operations.

The EAM launch comes at a time when the UAE is continuing to rise in stature as a wealth management jurisdiction, Mashreq said in a statement. 

“The launch of the EAM desk at Mashreq Private Banking significantly reinforces our commitment to providing innovative and bespoke wealth management solutions. This new platform will allow us to deepen our collaboration with external asset managers, offering their clients enhanced flexibility and access to global markets,” Vipul Kapur (pictured), head of Mashreq Private Banking, said. 

Navin Chokhani has been appointed to lead the desk, as well as manage the Mashreq Private Banking value proposition.

The EAM will provide a wide range of services via Mashreq, such as multi-currency accounts, dynamic financing solutions and Lombard lending. Mashreq’s market offerings include investment opportunities across funds, bonds, local and global equities, structured products, and local IPOs.

The UAE has introduced several measures, such as the “golden visa” system and establishing a “family wealth centre” in 2023 to support affluent individuals and businesses with governance and cultural needs.

In a 2024 report showing figures for 2023, Boston Consulting Group said that the UAE had cross-border assets of $600 billion, making it in seventh place of all such jurisdictions, with Singapore in first place.