Dubai-based Mashreq has announced a partnership with Goldman Sachs Asset Management. This collaboration aims to enhance the wealth management offerings at Mashreq by providing discretionary services to its clientele, according to a statement. With access to a diverse range of discretionary portfolios, the partnership aligns perfectly with the bank’s mission of delivering an exceptional customer experience and leading-edge investment solutions.
Goldman Sachs Asset Management serves as the primary investment management division within Goldman Sachs (NYSE: GS). This esteemed arm delivers exceptional investment advisory services across both public and private markets, catering to the world’s foremost institutions, financial advisors, and individual investors. The organization is centered around the principles of partnership and shared success with its clients, diligently working to achieve long-term investment performance. This is accomplished through leveraging its expansive global network and profound expertise across various industries and markets. Goldman Sachs Asset Management stands out as a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. As of December 31, 2024, Goldman Sachs manages approximately $3.1 trillion in assets under supervision.
Best-in-class investment solutions
“We are extremely proud to start this partnership with Goldman Sachs Asset Management,” stated Fernando Morillo, group head of Retail Banking at Mashreq. “This collaboration will support us in offering best-in-class investment solutions to our customers. In addition, we gain access to the expertise, research capabilities, and resources of one of the world’s leading financial institutions.”
Read more: Dubai’s Mashreq Bank reports 4 percent increase in net profit to $2.45 billion in 2024
Strong investment solutions
Fadi Abuali, co-CEO of Goldman Sachs Asset Management International and co-CEO for MENA, remarked, “With Mashreq’s strong customer relationships, the bank is an excellent partner for us in the UAE market. Together, we look forward to delivering strong investment solutions and performance for Mashreq’s customers.”
Commitment to client-centric solutions
Vipul Kapur, head of Private Banking at Mashreq, commented, “We remain committed to delivering tailored solutions that empower our clients in managing their investments. Our strategic collaboration with Goldman Sachs represents a pivotal milestone in institutionalizing our investment platform. This significantly enhances our capability to cater to the evolving and sophisticated needs of our clients.”
Anticipated benefits for customers
Hilary Lopez, head of Third-Party Wealth for EMEA at Goldman Sachs Asset Management, expressed excitement about the collaboration: “We are excited to partner with Mashreq, whose focus on innovation and excellence in client service benefits their clients in an ever-changing world. We look forward to bringing our global capabilities to complement that focus.”
Starting from April 2025, Mashreq customers will have the opportunity to access discretionary mandates tailored to various investment and income needs, aligned with their individual risk appetites.
