Barclays Premier a welcome addition in the UAE

One of the more annoying sides of being a member of a business group in Dubai is the latter's continuing tolerance of investment advisors who pitch for business among the membership by posing as old friends of the group.

Of course, it is difficult to black-ball individuals but in some cases business groups are doing their members a disservice, particularly the new ones. They are particularly interesting to those interested in dispensing their brand of dubious financial wisdom.

It was thus particularly good this week to welcome the latest addition to the growing band of international blue-chip banks whose declared aim is to replace the cowboy operators with a dedicated professional wealth management service.

Barclays International's new premier banking service is aimed at individuals with more than $200,000 to invest, and promises a level of service that the top UK bank used to reserve for its $2m plus clients. Barclays also published a survey of high net worth banking in the UAE which showed deep disillusionment with banking services and financial advice.

This survey shocked Barclays but should not be a surprise to old-hands in the emirates. We have to deal with high-pressure salesmen daily and have seen friends loose large sums in the recent collapse of Towry Law. Really the UAE deserves something better.

Of course, Barclays is not alone. HSBC, Citibank, ABN Amro and Standard Chartered are already operating in this market segment, and HSBC International has recently rolled out its own Premier banking service at its Jumeirah branch in Dubai. Julius Baer is another major new name to set-up in town.

The good news is that the major international financial institutions are now providing wealth management services by fully qualified staff. There is simply no need to deal with an individual who is not employed by a major international financial institution.

Naturally, no investment is without risk. But at least get somebody to advise you with a reputation to protect, working for an institution with a major brand which is properly regulated - and not somebody who will be long gone by the time your investment matures.