First Gulf Bank (FGB), one of the UAE’s leading financial institutions headquartered in Abu Dhabi, will distribute Royal Skandia’s regular savings and lump sum investment plans through First Wealth, FGB’s dedicated Wealth Management Services. Royal Skandia is part of Skandia International, the offshore cross border business of the Skandia Group.
First Wealth was set up to target High Net Worth Individuals and mass affluent investors in the United Arab Emirates. It provides a comprehensive range of investment products and services tailored to the financial planning needs of local and expatriate clientele.
Mufazzal Kajiji, Head of Wealth Management at FGB said “The Skandia platform will give our customers the ability to invest funds on a regular basis across over 200 mutual funds spread across multiple asset classes. In addition, they will have the flexibility to switch between funds and rebalance their portfolio at no additional cost.”
Adrian Smith, international marketing manager at Skandia International, said “We are delighted with the prospect of distributing our products via First Gulf Bank. This is a progressive step for us towards developing our business within the United Arab Emirates.”
Royal Skandia is the Isle of Man-based offshore arm of the Skandia UK Group. The Skandia UK Group is part of the worldwide Skandia group, itself owned by Old Mutual Plc. Old Mutual is an international financial services group, listed on the London Stock Exchange where it is a FTSE 100 company, making it one of the largest 100 companies listed on the London Stock Exchange. Being part of Old Mutual makes Skandia a key division of the seventh largest life assurer in Europe, with a strong financial base.
