Dubai-UAE: 1 March, 2017: 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.