Eton Solutions decision to expand coincides with the internal challenges faced by Hong Kong, historically a prominent global hub for family offices. These issues have reportedly prompted a significant wave of relocations, and Dubai is anticipated to be the primary beneficiary of this trend.
Eton Solutions, a leading global player in niche SaaS (software as a service) solutions for family offices, is poised to make a significant impact in Dubai and the broader region by establishing an office in the city. This office will eventually serve as the company’s regional headquarters for the Middle East, South Asia, and Africa.
The company also has plans to create a hybrid center in Dubai, housing segments of its global tech and business development teams. This move aims to ensure comprehensive and timely support for both existing and potential clients across the larger region.
In line with its ambitious agenda, the US Company is considering the launch of new global products tailored to meet the needs of emerging tech-savvy professionals who are also investors in the region. These products will target individuals with assets below $50 million, the current threshold for Eton’s recently introduced Administrative Family Office (AFO) solution.
Eton’s ERP platform seamlessly integrates all the operational requirements of a family office into a single, fully integrated platform. This approach not only enhances operational efficiency but also provides real-time access to critical market information.
Significantly, Eton’s proactive expansion in the region coincides with the internal challenges faced by Hong Kong, a historically significant global hub for family offices. These challenges have prompted a widespread relocation trend, with Dubai emerging as the preferred new global hub for wealthy individuals looking to establish or expand their family office operations.
Moreover, the region itself, boasting over $1 trillion in multi-generational wealth transfer, is witnessing the emergence of new companies and the transition of global firms and investments, solidifying its status as a major hub for family offices.
Satyen Patel, Executive Chairman of Eton Solutions, expressed enthusiasm for the current and forthcoming prospects for their products in Dubai and the broader region. In a statement to Arabian Business, he stated, “Our decision to establish a new office in Dubai is a clear demonstration of our dedication to the Middle East. It positions us to enhance our support for existing clients and cultivate new partnerships in this dynamic market.”
Eton’s Regional Expansion Strategy Aligns Perfectly With Dubai’s Strategic Location
Patel emphasized that Dubai is the natural choice for the company’s new office, strategically positioned to drive their latest phase of global expansion.
“It’s conveniently situated between Asia and Europe, serving as a vital link to key wealth hubs,” explained the senior executive from Eton.
The Dubai office will also function as a central hub, catering to a wide geographical expanse, including the broader UAE, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia (GCC), as well as the Indian sub-continent, Africa, Turkey, and parts of Central Asia. Patel expressed enthusiasm for the wealth of opportunities this expansion initiative presents.
As part of its regional growth strategy, the company has appointed a new leadership team, headed by Chetan Chaudhari, who assumes the role of Vice President – Sales, Middle East, and India. This team is poised to drive the company’s growth plans and play a pivotal role in fortifying its presence in the region.
Eton Focuses on Scalability with Its New Product Lineup
The company’s platform, initially tailored for larger global family offices with assets under management (AUM) exceeding $1 billion, underwent a strategic shift earlier this year. With the launch of the Administrative Family Office (AFO) solution, Eton Solutions has repositioned itself to provide institutional-level family office capabilities to ultra-high-net-worth (UHNIs) families, starting with assets as low as $50 million.
This innovative solution, which bundles the company’s AtlasFive software with its top-tier service offerings, empowers UHNIs to establish their virtual family office, ensuring cost-effective reporting and a fully outsourced middle and back office.
Satyen Patel stated, “As a guideline, the AFO module helps family offices reduce their operating costs by around 30 percent to 40 percent.”
To put this in perspective, a family office managing over a billion dollars would typically incur operating costs ranging from 150 to 200 basis points (bp) at a minimum. AFO can enable smaller offices to operate at a cost as low as 15bp or even less, he added.
Eton Solutions currently boasts a clientele of over 650 families on its platform, collectively managing assets exceeding $737 billion worldwide.