Amwal QSC, a Qatari investment firm is launching its asset management and investment advisory services at the Qatar Financial Centre (QFC), through Amwal LLC, a wholly owned subsidiary licensed by the QFC Regulatory Authority in November 2011, the company said in a statement two days ago.
Sheikha Hanadi Nasser bin Khaled al Thani, Chairman and founder of Amwal, said: “At the QFC, we can more closely align ourselves with the development of the asset management industry in Qatar to strengthen our market leadership. The QFC provides a robust legal and regulatory regime that suits our business activities and our targeted investors. Amwal is now in discussion with the Qatar Central Bank to cease its regulated activities under the Central Bank’s supervision in order to avoid dual regulation.”
Over the last few years Amwal has established global best practice systems and built up a highly talented, expert team as it repositioned itself away from investing the company’s own money towards concentrating on sustainable fee income from asset management, wealth management and corporate finance advisory services targeting institutional clients and family groups.
George Shehadeh (pictured), Amwal CEO, said: “Having completed our strategic repositioning which began in 2009 and having built a solid operating platform and an excellent track record, we are looking forward to an exciting growth phase for the company’s asset and wealth management business at the QFC.”
Shehadeh added: “We have been a strong advocate of the QFC and have supported its development as a world class regional asset management hub through our active involvement at round table discussions and consultations for the last three years.”
As a result of operating in the Qatar Financial Centre and ceasing its regulated activities under the Qatar Central Bank, Amwal is returning excess capital to its shareholders.
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