Dubai: A UAE based financial services firm is predicting a year of major corporate expansion, following a significant acquisition in Hong Kong.
Independent financial advisory firm, Holborn Assets has recently announced the acquisition of Globaleye Hong Kong. The CEO of the family run firm believes it is a major milestone in the businesses 20-year history and has revealed that being based in Dubai has been a key factor to its success.
Holborn Assets, which was established in Dubai in 1998, now has 400 staff worldwide and offices throughout the Middle East, Europe and Asia, including Malaysia, which opened in October 2017, and now Hong Kong. It has more than USD $1bn in assets under management and administration.
The firm is now predicting further international expansion in 2018 resulting in further employment opportunities at its Dubai head office.
Bob Parker, CEO of Holborn Assets, said: “2018 is going to be a transformative year for Holborn Assets. We will be expanding our global footprint significantly and making a series of major strategic announcements. It is a hugely exciting time for the business and it’s astonishing to see what we achieved in the last 20 years.
“Being based in Dubai has most definitely been one of the secrets to our success as it offers a robust domestic market with vast potential, top quality local talent and the perfect geographic location for international growth.
“We pride ourselves on being an extremely well-run business offering some of the most talented people in the industry. Our management team includes people who have held senior positions in some of the best-known and most respected corporations in the world, and this level of expertise is reflected in the way we operate.
“We have a very clear long-term strategy for growth in an increasingly regulated and rapidly changing sector. The Globaleye Hong Kong acquisition is a huge milestone for us and we believe it is a real stepping stone to future international expansion into markets. This of course means we need to increase the number of staff working in our head office in Dubai.”
The Globaleye Hong Kong client base – mostly made up of high net worth and high income professional expats – and $150m of assets under management, have transferred to Holborn Assets under the agreement. Edward Harris, Chief Executive Officer of the Hong Kong operation and his five-strong team of financial advisers and support staff have also joined in the deal.
Holborn Assets has opened new offices in the heart of the Central district and plans to grow the business by recruiting a small number of senior and experienced advisers to the Hong Kong team in the coming months.
Mr Harris is the third former Globaleye board member to join Holborn Assets in less than a year, following the appointment of Riyad Adamou as Chief Commercial Officer in March 2017 and Scott Balsdon as the UK Managing Director in April 2017.
Mr Adamou said: “We’re delighted to begin such an important phase in our development by announcing our move into Hong Kong.
“After working alongside Edward for five years I am delighted to be working with him once again. He and his team are a perfect fit for Holborn Assets and this acquisition again demonstrates our intent to attract the best talent in the industry.”