Beechwood Bermuda International has established a new subsidiary in the Middle East to market and distribute its investment products in the United Arab Emirates and across the region.
Called Beechwood Bermuda Middle East (BBME), the new operation will be headed by Mark Hollis, who previously worked as head of bank distribution at Standard Life (DIFC).
Hollis will be based in Beechwood’s office in Dubai and report to David Lessing, Beechwood partner and EVP of products & solutions.
Prior to Standard Life, Hollis served as regional director of the Middle East & Africa at both P2 International (Bermuda) Ltd and Old Mutual (Bermuda) Ltd. He also held several roles at HSBC Bank throughout the region.
Lessing said: "Our expansion into the UAE builds off our success in Latin America and Asia, where advisors and clients of leading wealth management firms have demonstrated significant and growing demand for our guaranteed investment products.
"We are confident the same demand exists in the Middle East for Beechwood’s attractive rates and unique monthly step-up features, coupled with the security of our guarantees and segregated account structures."
Hollis said: "I look forward to expanding our relationships throughout the region."