AI wealth manager waives management fees for government staff and Golden Visa holders

Abu Dhabi-based FinaMaze will offer fee-free asset management for the first year for all investments made on its platform before April 16

Mehdi Fichtali is the chief executive and founder of FinaMaze, which offers investment advice through a combination of human experience and machine-learning outcomes. Photo: FinaMaze

FinaMaze, a hybrid asset manager regulated by the Abu Dhabi Global Market, will waive asset management fees for all Abu Dhabi government employees and Golden Visa holders in the emirate.

The wealth manager will offer asset management services at no fee for the first year, for all investments made on its platform before April 16, the company has said.

“We enjoy great support from Abu Dhabi Global Market and are part of Abu Dhabi’s growing ecosystem,” said Mehdi Fichtali, chief executive and founder of FinaMaze, which offers investment advice through a combination of human experience and machine-learning outcomes.

“It is, therefore, quite natural for us to come up with an offer dedicated to all Abu Dhabi government and related entities' employees as well as to Abu Dhabi Golden Visa holders.”

Robo-advisers have become popular in the wealth management sector because algorithms can crunch large and intricate data sets across different parameters faster, more precisely and at greater volumes than most people.

They also reach an underserved market of middle-class investors unable to obtain access to portfolio management services because of minimum investment requirements.

FinaMaze started offering prime retail investors access to its algorithm-powered portfolios across a range of asset classes in November. It defines prime retail investors as those who invest a minimum of $2,000. Previously, only professional investors had access to the wealth manager’s investment products.

The wealth manager usually charges asset management fees of 0.85 per cent per year for all client categories (retail and professional), it said.

The fee waiver offer is available for all client categories and there is no limitation on the client profile, FinaMaze added.

“Waiving asset management fees for the first year, for investments made within the specified period, will encourage investors to inculcate the habit of saving and investing,” Mr Fichtali said.

In February, FinaMaze launched an investment portfolio that offers investors with a net worth of more than $500,000 exposure to companies operating in the metaverse.

The metaverse portfolio, which requires a minimum investment of $2,000, will include stocks of technology companies, video game publishers, software developers, entertainment companies and infrastructure and hardware manufacturers with a presence in the metaverse.

The company also introduced an investment portfolio last year that gives investors with a net worth of more than $500,000 exposure to venture capital funds in the Middle East and North Africa region for amounts starting from $10,000.

FinaMaze’s platform offers more than 30 investment portfolios, which focus on geographies and asset classes, sectors and regions, and opportunities such as inflation or metaverse.

Golden visa holders in Abu Dhabi are being offered exclusive commercial benefits to encourage investment in the emirate.

They will be entitled to discounts and offers on cars, property, health care, hospitality, health insurance and banking services, said the Abu Dhabi Residents Office, a division of the emirate’s Department of Economic Development.

Golden visas, which are valid for up to 10 years, were introduced to encourage “exceptional workers and foreign investors” to put down deeper roots in the UAE.

Abu Dhabi’s golden visa offers long-term residence to talented and specialist people for five or 10 years, the office said. This includes professionals and researchers in the fields of science and knowledge, such as doctors, scientists and inventors.

The programme is also open to talented creatives and athletes, as well as business and real estate investors in the emirate.

The golden visa is also offered to high-performing university students and high-school pupils in Abu Dhabi, and cover their parents and dependent siblings, according to the office's website.