Abu Dhabi-based Lunate has announced it is taking a stake in Azura Partners, a rapidly growing wealth management firm founded by former Julius Baer Group Ltd. executive Ali Jamal. This collaboration will enable Azura to increase its hiring and expand its product offerings in an effort to boost its assets under management, which currently total approximately $5 billion. Despite this new partnership, Azura will maintain its independence, with Jamal and the existing management team retaining operational control.

As part of the agreement, Azura will relocate its headquarters from Monaco to Abu Dhabi. This move comes as the city’s financial center competes with other regional hubs to attract leading financial firms and investment funds. Jamal emphasized the significance of this shift, noting that “Abu Dhabi has become a home for ultra-high net worth individuals and a hub for family offices.” He also highlighted the immense opportunities presented by Abu Dhabi’s emergence as a prominent financial center.

Lunate’s investment is seen as part of Abu Dhabi’s broader strategy to establish itself as a major international financial hub. The firm, which has assets totaling $110 billion, is majority owned by 2PointZero, with the sovereign wealth fund ADQ serving as an anchor client. Since its inception in 2023, Lunate has made numerous investments, including a notable commitment to the luxury Dubai office tower, ICD Brookfield Place. Last year, it completed over 50 fund commitments, co-investments, and direct deals.

Established in 2019, Azura primarily serves ultra-wealthy clients, including entrepreneurs and families. The firm has been expanding rapidly, attracting talent from major banks such as Citigroup Inc. and UBS Group AG while also establishing offices in key private banking markets like Geneva, London, New York, Miami, Singapore, and Dubai. The Middle East’s favorable tax environment has made it increasingly appealing to the world’s wealthy, prompting global banks to bolster their staffing in the region to cater to this growing demographic.