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Dubai, UAE – The Pearl Initiative, the leading Gulf business-led non-profit organisation promoting a corporate culture of accountability and transparency as a key driver of competitiveness across the region, today announced that it has joined hands with BNY Mellon Wealth Management, to advance best practices among the region’s family-run businesses.
A leading wealth manager with more than two centuries of experience, BNY Mellon Wealth Management offers its range of services to clients that include multigenerational business owners, high net worth individuals and families running their own businesses, among others.
Carla Koffel, Executive Director, the Pearl Initiative said: “Family-run businesses are key contributors to the region’s GDP. Given that over 80 per cent of the business in the GCC region are family-owned, and at a critical stage of transition from the second to third generation of ownership, it is essential that they have a strong operational framework to protect their assets. We are confident that our growing network of private sector partners within the region will significantly benefit from BNY Mellon’s expertise in family-office wealth management.”
Given that assets valued at US$1 trillion are expected to pass from one generation to the next in the GCC region alone within the next five to 10 years, a robust governance framework is critical to ensuring transparent resource allocation whilst remaining accountable to shareholders, consumers and employees.
Commenting on this collaboration, Giambattista Atzeni, Senior Wealth Director at BNY Mellon Wealth Management, said: “We are joining forces with the Pearl Initiative because we see many parallels between corporate governance and family governance. Both involve sharing a common vision and creating effective decision-making structures and processes. Our focus will be on reinforcing the link between a family’s sense of identity and values on the one hand and a successful multigenerational family business on the other.”
BNY Mellon has extensive know-how on providing effective solutions in wealth management and has received several global awards for its commitment to client service and world-class wealth planning capabilities. Besides offering family office clients comprehensive wealth and investment planning advice, the firm also adds value with its deep experience and insights on best practices in family governance. BNY Mellon helps families improve their communication skills with an eye on strengthening their shared sense of purpose and underpinning the values that will help them retain their wealth across generations.
The Pearl Initiative was founded in 2010, primarily to promote corporate governance and accountability across the large number of regional family-run businesses. Since then, it has evolved to address a variety of issues that affect business sustainability and competitiveness such as diversity in leadership, integrity in the supply chain, governance in SMEs and ethical reporting. The organisation does this through various engagement channels including reports, surveys and case studies, roundtables and industry forums and key partnerships.
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About the Pearl Initiative
Developed in cooperation with the United Nations Office for Partnerships in 2010, The Pearl Initiative is the leading Gulf business-led organisation fostering a corporate culture of accountability and transparency.
It seeks joint collaborative action between regional and global business leaders, international institutions, government bodies and wider initiatives within the Gulf region, exhibiting positive leadership and sharing knowledge and experience in order to influence the entire regional business and student community. The Pearl Initiative, along with the United Nations Global Compact and its partner companies, is committed to implementing higher standards in areas such as corporate governance, anti-corruption best practices, inclusive management and boards, corporate reporting best practices and ethical leadership development.
About BNY Mellon Wealth Management
BNY Mellon Wealth Management is a leading wealth manager. In 2016 it was named by Family Wealth Report as the top U.S. Private Bank and rated the Top Private Bank for Family Offices by Professional Wealth Management magazine. Barron’s ranked it the 8th largest U.S. wealth manager in 2016. The firm has more than two centuries of experience in providing services to clients who today include financially successful individuals and families, their family offices and business enterprises, planned giving programs, and endowments and foundations. It has nearly $205 billion in total private client assets, as of December 31, 2016, and an extensive network of offices in the U.S. and internationally. BNY Mellon Wealth Management, which provides investment management, custody, wealth and estate planning and private banking services, conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. For more information go to bnymellonwealth.com or follow us on Twitter @BNYMellonWealth.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2016, BNY Mellon had $29.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
For more information about the Pearl Initiative:
Christy Abraham
APCO Worldwide
Tel: +971 55 134 2859
Email: cabraham@apcoworldwide.com
Aparna Narayanan
APCO Worldwide
Tel: + 971 55 9653647
Email: anarayanan@apcoworldwide.com
For more information about BNY Mellon Wealth Management:
Susan Rivers
BNY Mellon Wealth Management
Tel: +1 617 722 7193
Email: susan.rivers@bnymellon.com
© Press Release 2017
