A rare coup for Bahrain's financial sector
In a rare piece of good news for Bahrain's financial sector, it's managed to beat off competition from the likes of Dubai and Qatar and attract an international wealth manager.
In itself, the fact that Swiss firm Altaira Wealth Management has chosen Bahrain as its Middle East HQ isn't significant, particularly as the office is still relatively small – Karim Alansari has joined as senior client relationship manager, while Eman Mohammed is the new office manager and it will also house a handful of seasoned private bankers.
However, it's a coup for Bahrain, considering its current circumstances. International wealth managers have been expanding into the Middle East over the past two years, but generally they choose Dubai or Abu Dhabi as their regional headquarters.
What's more, the fact that the Qatar Financial Authority has hired Bob Wigley to join its board is viewed as an indication that it's making a concerted push to attract asset managers – a traditional strong-hold of Bahrain's financial centre.
There's also the fact that international players have been exiting the kingdom. Earlier this month, Societe Generale's private banking arm revealed that it was closing its Bahrain office and Credit Agricole also decided to pull out of the island kingdom.
