Ocorian

from WealthBriefing MENA Awards Acclaim 2022

NPB (Middle East) Ltd

OCORIAN’S PRACTICAL SOLUTIONS FOR CLIENTS WIN ADMIRERS

Nina Auchoybur, Managing Director – UAE, and Lynda O’Mahoney, Global Head of Private Client BD of Ocorian, talks to Tom Burroughes, WealthBriefing Group Editor, about their firm’s accomplishments.

What do you think makes your firm successful in its chosen field?

I’d say it’s a combination of things. We have an amazing, dedicated and professional team in the GCC, who are excellent when it comes to delivering customer service and structuring, complying with global substance, governance and transparency rules, and ensuring privacy expectations are met.

But those skills are nothing if we aren’t giving our clients what they require – so the core of what we do is creating practical solutions for them. And this comes from a very distinct view of the family office and private client sector. We understand how the family office can be very wide in its scope – covering both corporate and personal requirements, from holding companies and real estate assets to foundations and succession.

By delivering integrated solutions for our clients across all these areas, if required, they get peace of mind that their wealth is protected, and their business is in good standing. As a result, we become a trusted partner and that’s what breeds further success.

What have been the main obstacles you had to overcome and how did you do so to reach this level?

Family offices are still relatively nascent in the GCC and the region itself is still evolving in terms of regulation and the number of service providers. As a result, there can be a lack of clarity and slow implementation around any new laws and regulations – so we must monitor the environment both for ourselves and our clients to ensure we are on the top of our game as well as always remaining solution-oriented.

The newness of the sector also means there is a lack of talent and a skills shortage in the region. While this is gradually being resolved as a pipeline of qualified people is developed, we have created a strong presence in the recruitment market as well as bringing in talent from other Ocorian offices. We also focus on training and developing our people, so they have the highest level of skills.

Nina Auchoybur

Managing Director – UAE, Ocorian

What are the main contributions you bring to the wealth management industry?

I’d say one of the key things is educating all stakeholders about family offices and what they can offer. So, we contribute to raising their profile by attending or organising conferences, forums, and roundtables, for example.

We also sit down with and educate GCC families, including the next generation, about how their businesses can run effectively, and their wealth can be managed. We also work with regulators and other bodies to raise the profile of the sector.

As a prime example, there has been a misconception that private assets can’t be structured in the GCC due to the Sharia element or cultural norms and that all structuring must be done in finance centres such as Jersey and Luxembourg. However, the law changed a few years ago to make structuring of local assets possible in the UAE.

Lynda O’Mahoney

Global Head of Private Client BD, Ocorian

How do awards such as this make a difference to your firm and colleagues?

It’s great that the team is recognised for all their hard work and diligence – and all the late nights! It really lets them know that they are driving the business in the right direction. It’s also a reflection of the investment that Ocorian has put into that team and our presence in the GCC and is great for raising our brand profile.

What philosophy sums up your firm best?

We always collaborate with clients (and within our team) to provide the best possible practical business and personal wealth solutions, be that locally or internationally.