Cyprus-based Woodbrook, one of the largest international financial consultants based in Europe, entered the Middle East wealth management market by acquiring Dubai’s Mondial.

Mondial is one of the UAE’s oldest financial planning and wealth management companies. Mondial’s Chief Executive Officer Sean Kelleher will remain as CEO of the expanded entity, the company said in a press release.

“Joining the Woodbrook Group strengthens our financial backbone, in turn enabling us to improve our range of client-driven services,” Kelleher said.

“Woodbrook and Mondial are closely aligned culturally, particularly in the area of compliance. Mondial has a highly transparent regime and Woodbrook, coming from a European MiFID environment with strong compliance, further fortifies our regulatory compliance strategy,” he added.

Woodbrook manages close to Dh5 billion in assets. It has offices in several European nations including Switzerland, Spain, Hungary, Poland, Romania, and Slovakia. The European financial consultant is acquiring Mondial as part of an international expansion plan.

Woodbrook plans to acquire further companies in Europe and Latin America as part of its expansion plan. It had also bought a US company last year is biding its time for a listing on the Nasdaq, UAE media reported.

The UAE Securities and Commodities Authority regulates Woodbrook Mondial, while the Cyprus Securities Exchange Commissioner regulates Woodbrook. Woodbrook possesses a licence to operate in the European Union and is in the process of procuring a Dubai insurance licence.

Woodbrook holds MiFID II investment licence valid through the European Economic Area along with IMD insurance mediation licences.