After a large infusion of capital from a Middle East-based investment firm, we talk to the man who founded Azura Capital more than five years ago about where this firm is heading, its business model, and the needs of UHNW clients.

At the start of May, 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 – took a stake in Monaco-headquartered wealth management house Azura Partners. The transaction is subject to applicable regulatory approvals in relevant jurisdictions.

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, founded in 2019 by former Julius Baer figure Ali Jamal (pictured), said. 

We asked Jamal about Azura's strategy, what the Lunate capital infusion means, and his views on the wealth sector (ultra-high net worth) he serves.

The backing of this important investor means that Azura will be able to do more things. What sort of expansion/development will it enable?
Jamal: The investment…will enable Azura Partners to scale its AuM, hire top talent, implement best-in-class technology and expand its product and services offerings, including enhanced access to private market opportunities and co-investment opportunities for our clients. Azura will remain independent, maintain its open architecture approach, with its founder and current management team retaining operational control.

How scalable would you say your business model is in being able to retain its essential closeness to clients? Is there an upper limit?
Jamal: Our model is intentionally built to scale without compromising intimacy or bespoke service. This is not a contradiction, some of the world’s most exclusive brands, such as Hermès and Ferrari, have scaled while maintaining a deeply personalised relationship with their clientele.

Our current infrastructure is built to scale, particularly our technology. The absence of legacy IT systems enables smoother and more efficient growth. We believe we can scale effectively without compromising client service by leveraging AI technology, standardising processes and maintaining a client-centric culture. The key is to balance technology and automation with personalisation, ensure robust governance and align growth strategies with client expectations. We believe scalability and service can coexist with the right strategy. Finally, having access to Lunate’s $100 billion-plus private market AuM provides the potential for a differentiated value proposition for our clients. 

Of all the changes that have happened at Azura over the past five years, what would you say is the most significant?
Jamal: I don’t want to call it change; I’ll call it development. As you know five years ago, we started with a small number of clients, covered from our offices in Monaco and London. We were laser focused on building our global infrastructure while building out our product and service offering. Today Azura Partners operates from seven locations, serving a growing base of sophisticated clients across multiple jurisdictions.

Completing the build-out of our global platform infrastructure and deepening our understanding of client needs across markets was a transformative milestone. It marked the culmination of strategic vision, operational excellence, and technological innovation. This foundation positions us to deliver seamless, high-touch services across jurisdictions, compete effectively with global financial institutions, and serves as the backbone of sustainable growth, superior client experience, regulatory agility, and competitive differentiation.

Back in 2019, we discussed the problem of UHNW individuals struggling to get certain services from their existing banks; it was an area where Azura was about to help them put solutions in place. Is gaining access to banks' balance sheets still a pressing issue, and have recent market gyrations made it even more acute?  
Jamal: Yes, access to bank balance sheets remains a key challenge for many UHNW individuals, especially in light of recent market volatility and structural shifts in the banking landscape. 

At Azura, we maintain global relationships with leading banks, custodians, and financial institutions across major wealth hubs including London, Monaco, Geneva, Dubai, Singapore and the US. As a result, we act as a single access point, streamlining engagement across multiple institutions, creating the opportunity to save clients time and costs. 

We have established a centralised team to manage our global banking relationships, maintaining a database of bank contacts, capabilities and terms to streamline competitive processes. We also use analytics tools to compare banking terms, such as loan rates, custody fees and deposit pricing, with the goal of delivering data-driven recommendations to our clients.

The involvement of a Middle East-based investor is significant in what it says about that region's wealth ambitions. Can you elaborate on that angle?
Jamal: Our strategy is to build a regional champion with global reach.

Lunate’s investment in Azura marks its continued 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 trajectory of the wealth management industry. 

UHNW individuals are attracted to the United Arab Emirates for its political stability, high GDP per capita, and well-defined long-term vision for economic and social progress. The growth seen in regions such as Saudi Arabia, Abu Dhabi, Doha and Dubai reflects the impact of sustained investment, strategic planning, and an ambition to position the region as a global economic hub.

Azura Partners will establish a holding company to run the global operation from Abu Dhabi, benefiting from ADGM’s world-class infrastructure and regulatory environment. Azura’s advisory-led model will be a strong addition to the Middle East’s relatively underserved market, where wealth is set to grow at a 9.2 per cent compound annual growth rate until 2030, outperforming the global average of 7 per cent CAGR (1).

After the pandemic, and again after supply chain disruptions etc, many businessmen and women are looking for help in recapitalising business, making new investments, and connecting with other UHNW families for capital. Do you see a lot of work coming from these areas?
Jamal: Acting as an intermediary to connect clients within our global ecosystem generates synergies which positions us to support both their wealth preservation and creation goals. This role leverages the firm’s unique position as a trusted advisor and differentiates Azura from its competitors, particularly large or small banks, which may lack the intimacy or independence to facilitate such connections. Clients see the firm as the central hub of their financial and business networks, which naturally deepens engagement. As their trusted advisor, we often serve as the first line of defence, giving us a different, more meaningful relationship. 

Additionally, we offer clients the opportunity to engage in principal-to-principal transactions or partnerships, helping them explore collaborations or entry into new markets.

How many people now work at the firm and do you have an approximate ratio of managers to clients? What is the business model (team-based, individuals staying with clients through their journey)? 
Jamal: UHNW clients have multifaceted financial situations, such as cross-border assets, private businesses, or trusts, which naturally means lower ratios of managers to clients but deeper and more sophisticated engagement. By investing in a diverse pool of intellectual capital, encompassing a broad range of expertise, perspectives, skills and cultural knowledge, this gives us a strong strategic advantage. A diverse, inclusive culture attracts top talent globally, ensuring that we continue to scale and innovate as a forward-thinking, client-centric leader in global wealth management. Diversity reflects both adaptability and stability, especially in today’s volatile macroeconomic and geopolitical environment. 

As of May 2025, we have a global team of 65 professionals, with 40 per cent being women, an achievement that underscores our commitment to building an inclusive and forward-looking organisation.

What is Azura's revenue model?
Jamal: Azura applies a hybrid fee model, combining AuM-based fees for investment management with flat or retainer fees for comprehensive planning and family office services. This approach aligns with the firm’s goals of delivering bespoke UHNW services, scaling globally and maintaining a fiduciary, client-centric ethos. UHNW clients require both investment management, advisory and solution (for example, portfolios, private markets and co-investment) and non-investment services (e.g. family governance, outsourced CIO or even CFO) aims to ensure comprehensive coverage of services:

-- AuM fees: Compensate for managing liquid assets, designed to align firm and client interests in portfolio management; 
-- Retainer fees: Cover complex, time-intensive services such as cross-border estate planning or advisory, which are critical for UHNW clients with illiquid or global assets; and 
-- Advisory and solutions: A hybrid model combining retainer-based and one-off fees, tailored for bespoke projects and strategic solutions that don’t fall under standard asset or estate management.
 

Footnotes

(1) Source: Oliver Wyman Morgan Stanley 2024 Global Wealth Asset Management Report  https://www.oliverwyman.com/content/dam/oliver-wyman/v2/publications/2024/oct/Oliver%20Wyman%20Morgan%20Stanley%202024%20Global%20Wealth%20Asset%20Management%20Report%20Longevity.pdf