Gulf custody and settlement link

Eleven of the 61 private-wealth family relationships have principals resident in the Gulf, and until 2029 their assets are held in Zürich, Nassau or St Helier. The link lets the Dubai hub hold and settle those assets in the region, in six currencies, under one regional custodian agreement rather than three.

Arranging without holding is a long route. A family in the Gulf that wants a position moved gives the instruction in one time zone, waits on a custodian in another and settles in a third. The link takes two business days out of that sequence and puts the record in front of the client the same evening.

It costs US$8 million of the US$26 million allocated to 2029 and turns Dubai from an arranging hub into a full-service office of 18 people. Client assets stay segregated under the Client Assets and Client Money policy. The custodian is held to the Ethical Technology Charter through the Third-Party Risk and Outsourcing policy.

Deliverables

Custody and settlement live in Dubai for six currencies under a regional custodian agreement.
Eleven Gulf-resident family relationships booked in the region rather than in Europe or the Caribbean.
Dubai staffed at 18 people, three of them in client assets and reconciliation.
Daily reconciliation between the custodian record and the group record, with breaks cleared in one business day.
Settlement of a Gulf instruction reduced from four business days to two.