The new investment will finance growth initiatives such as hiring more staff in the UAE, improving technology, and making acquisitions, Globaleye said.
A Swiss family office has made a “significant” investment in international wealth advisor firm Globaleye, enabling it to recruit more people, finance acquisitions, introduce new business lines and improve technology.
Globaleye said in a statement that it intends to add 20 more “top-tier” finance professionals in the United Arab Emirates alone this year, for example.
The identity of the family office wasn’t disclosed.
The advisory firm, which advises on more than $1 billion of assets, has also opened a second office in Dubai’s Boulevard Plaza complex, it said.
“The roots of Globaleye go back more than 20 years and there are only a handful of firms that can share that boast. I remain proud of what we have achieved, building a loyal client base from a network of licensed offices across the globe and [having] secured multiple awards in the process on the efforts of a brilliant team. Notwithstanding, the realignment of the company means we have a greater focus on what lies ahead as the industry has changed dramatically and will continue to do so,” Tim Searle, chairman, said.
The firm aims to buy smaller UAE-based firms that are too small to shoulder new regulations profitably. “The company is seeking additional acquisition opportunities in other markets in which it operates and is in advanced discussions with two competitor firms,” Globaleye said.
Globaleye raises capital for private investments from its global network of offices in Europe, the Middle East, Africa and Asia. It has offices in Dubai, Abu Dhabi, Singapore, Ho Chi Minh City, Geneva, Moscow, Kuala Lumpur and Sri Lanka. Its areas of business include investments, pensions, mortgages, insurance, tax and business services.