The move highlights how the United Arab Emirates is gaining a reputation as a welcoming jurisdiction for ultra-wealthy individuals.

Lunate, an Abu Dhabi-based investment firm which has more than $110 billion in assets under management, managing assets for Abu Dhabi sovereign investor ADQ and others, has taken a stake in Monaco-headquartered wealth management house Azura Partners.

The transaction is subject to applicable regulatory approvals in relevant jurisdictions, Azura said in a statement yesterday. 

Azura, which was created in 2019 by a former Julius Baer banker, serves ultra-high net worth and HNW individuals, entrepreneurs and single-family offices.

The investment, made by Lunate Holding RSC, will enable Azura to increase its AuM, hire more people, implement new technology and expand its product offerings, including enhanced access to private market opportunities for its clients, Azura said. Azura will remain independent, maintain its open architecture approach, with its founder and current management team retaining operational control. 

The move highlights how Middle East-based investment houses are taking stakes in wealth managers worldwide. The most significant to date is an affiliate of funds managed by Mubadala Capital in the Gulf taking ownership of Canada-headquartered bank CI.

Azura was founded in 2019 by Ali Jamal (pictured), a wealth manager. The firm has seven global offices including Monaco, Geneva, London, New York, Miami, Singapore and Dubai. The business now manages $5 billion in AuM, offering clients investment management and advisory services, private wealth solutions, and opportunities. Azura’s clients are supported by a team of 65 experienced professionals.

Lunate’s investment in Azura marks its expansion into adjacent high-growth business areas such as wealth management. With global wealth estimated to reach $609 trillion in 2026, individual investors across the world are increasingly seeking alternative investment solutions, fuelling the democratisation of private markets. Lunate’s partnership with Azura aims to capitalise on this trend and the growth of the wealth management industry. 

Headquartered in Monaco, Azura said it will redomicile and establish new headquarters in Abu Dhabi to benefit from ADGM’s infrastructure and regulatory environment. Azura’s advisory-led model will be an addition to the Middle East’s relatively underserved market.

“Lunate’s investment in Azura Partners marks our entry into the wealth management space and reflects our commitment to further develop the suite of solutions and products that we can offer our growing client base,” Khalifa Al Suwaidi, managing partner at Lunate, said.