Globaleye, the Dubai-based financial advisor, is shuttering its Brazil operations and will open a new office in Shanghai.
The Shanghai branch is the company's third in Asia, next to Hong Kong and Singapore, and will be located in the Citigroup Tower, Pudong district. Julian Unsworth, vice president at the Dubai office, will relocate to China, where he will lead a team of four advisors.
Regulatory restrictions and language differences made entry into China a challenge, according to Tim Searle, chairman and founder of Globaleye. However, given the large and industrialising population and its appetite for goods and services, the company says it remains undaunted by reports of a slowdown in the Chinese market.
Shanghai is becoming a haven for English-language expatriates as more international firms set up shop in the one of the world's fastest growing economies. Globaleye provides financial advice to both corporate and private clients, but specialises in the financial affairs of expatriates.
Meanwhile, the decision to close in Brazil follows a consistently weak performance, with the company saying that the branch "failed to catch fire the way it would have had to justify the expense of maintaining a fully-staffed presence." Globaleye said it will continue to look after its existing clients in Brazil, but some of the 14 staff in Sao Paolo will move to other offices while the rest will remain in the country.