2nd WOMEN-ONLY WEALTH MANAGEMENT SEMINAR DRAWS HUGE INTEREST
Investing smart in alternative instruments such as real estate and hedge funds, the finer aspects of wealth structuring across borders, dealing with inter-generational family issues in wealth matters, and the importance of a “health-wealth” balance were some of the topics covered in the 2nd women-only wealth management seminar co-organised by the Qatar Ladies Investment Company (QLIC) and the Citigroup Private Bank.
Nearly 100 women from Qatar’s high net worth society attended the half-day seminar, which featured wealth management specialists and consultants from the Citigroup Private Bank (CPB) as well as Dr Susan Lim, a renowned surgeon from Singapore, who is also pioneering efforts in finding a cure for diabetes and has introduced advanced weight management programmes applying sophisticated stem cell research and technology.
“Good wealth planning is not purely about smart investing. That is short-term thinking,” said Sheikha Hanadi Nasser Al-Thani, Chairwoman of the QLIC. “We prescribe a more holistic approach that looks not only at all asset classes for investment opportunities, but also contemplates wealth structuring for tax and other purposes, inter-generational wealth transfer and family issues, and the know-how of healthy living.”
“In the Citigroup Private Bank, we have found a partner whose approach is fully compatible to ours, and whose expertise covers the many areas of financial education and wealth management that we are interested in promoting,” she said.
“The importance the QLIC places on financial planning resonates with our aims and efforts of promoting professional wealth management services to the high net worth individuals and their families,” said Mr. Deepak Sharma, CPB’s President, Asia-Pacific and Middle East.
The unprecedented involvement of a speaker on the topic of women and health in the wealth management seminar was well received by participants. “Abundant wealth without good health is no abundance at all,” said Mr. Sharma.
Sheikha Hanadi said that financial education was crucial to women’s overall welfare and self-esteem, and the QLIC would step up efforts to enlarge the reach and increase the impact of its seminars on Qatari women.
‘Furthermore, women are so closely involved in the wealth management decision making process in many families, and in some instances are the primary decision maker. It would be remiss of society if we do not invest in the financial education of women,” she said.
Specialists from the CPB with in-depth knowledge of investment opportunities in the Middle East and globally conducted the seminar. Among them were:
1.Stewart Dixon, a CPB Managing Director of Wealth Structuring. He introduced participants to wealth structuring concepts and models covering trusts, insurance and tax planning.
* Ms. Carmen Haddad, a CPB Managing Director and Senior Investment Counselor, who introduced the participants to alternative investments and asset allocation.
* Mr. Michael Walton, a CPB Managing Director of Real Estate, who discussed the finer aspects of real estate, including investment opportunities.
“For Qatar, the next few years are expected to be a period of tremendous wealth generation as economic activity increases with respect to its significant oil and natural gas reserves, and in tourism and education. With such rapid growth in private wealth, the QLIC’s role will take even greater prominence. Financial education as well as professional wealth management services will be in great demand,” said Sheikha Hanadi.
Industry observers expect the Middle East, including Qatar, to be one of the fastest growing regions in private wealth, with growth estimated at about 10% per annum over the next 3-5 years.
“We at the Citigroup Private Bank believe this is a conservative estimate. Instead, we expect significantly higher double-digit growth rates in the region of 20-30% for many countries in the region, especially Qatar,” said Mr Samir Raslan, CPB’s Managing Director & Head for the Gulf region.
“As the world’s largest financial institution, and as the private banker to more than 25,000 clients globally, including nearly a third of the Forbes list of billionaires, we have the resources and capabilities to meet the expected surge in demand,” he said.
“We are pleased to be a part of QLIC’s cause. Enabling Qatari women to be better acquainted with wealth structuring strategies and investments to ensure wealth preservation for future generations is something within our capability, and which we do with pleasure. As a global financial institution, we also see our involvement as a social responsibility, helping people to improve their lives and achieve their aspirations through sound financial education and planning,” said Dina Bseisu, a Vice President in the Gulf Region for the Citigroup Private Bank.
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About the Qatar Ladies Investment Company
The QLIC’s mission is to raise standards in asset management through the integration of people, technology and business systems, in a socially responsible manner. It promotes financial education and planning in fostering empowerment and equality for the women of Qatar. The QLIC was incorporated in 1998 under the wise guidance of Her Highness, Sheikha Moza Bint Nasser Al Misnad, the Consort of the Emir of Qatar. Its Chairwoman is Her Excellency Sheikha Hanadi Al-Thani.
© Press Release 2004
