What Did Etihad Capital and Saxo Bank Agree To?
Etihad Capital PJSC and Saxo Bank have signed a Model Manager agreement that extends their partnership beyond execution and custody into full portfolio management for retail investors in the UAE and the wider Gulf. The agreement, signed in Dubai in December 2025, allows Etihad Capital to design and oversee professionally managed portfolios that will be distributed through Saxo Bank’s global digital trading platform.
Under the structure, Etihad Capital will handle asset allocation, portfolio construction, and ongoing oversight, while Saxo Bank will provide the technology stack, trading access, custody, and reporting. The result is a white-labelled setup that embeds institutional-style portfolio management inside a platform-first retail experience.
The arrangement builds on a relationship that began in 2017, when the two firms partnered to broaden digital market access and multi-asset trading for regional clients. At that stage, the focus was largely operational. The new framework expands that scope to include discretionary-style portfolio solutions for retail investors.
Investor Takeaway
Why Does This Matter for Gulf Retail Investors?
Retail investing in the Gulf has grown quickly over the past decade, driven by online platforms and easier access to global markets. Yet most of that growth has been concentrated in self-directed trading. Diversified model portfolios and disciplined asset-allocation strategies have largely remained the domain of institutions and high-net-worth clients.
Executives from both firms framed the agreement as a response to that imbalance. By combining portfolio construction with scalable digital distribution, the partners are targeting a segment of retail investors who want structured exposure across asset classes but do not want to manage allocations and risk decisions on their own.
The model portfolios are expected to span multiple risk profiles and investment horizons, with exposure across regions and asset classes. The emphasis is on diversification and longer-term alignment rather than frequent trading or tactical positioning.
How Will the Model Manager Structure Work in Practice?
The Model Manager setup allows Etihad Capital to act as the investment manager while Saxo Bank supplies the infrastructure that delivers the portfolios to end clients. Investors will access the strategies through Saxo’s platform, where portfolios are implemented, monitored, and reported digitally.
The firms said the structure is designed to lower traditional barriers associated with discretionary asset management. Investors gain access to professionally designed portfolios without the operational complexity, bespoke mandates, or high entry thresholds that often accompany managed accounts.
The portfolios will operate within a regulated framework aligned with regional requirements and international standards. The partners stressed transparency around portfolio composition, risk profiles, and performance reporting, reflecting rising regulatory and investor scrutiny across Gulf markets.
Investor Takeaway
What Is Driving Demand for Managed Solutions Now?
Demand for outcome-oriented investing has increased across the Gulf as retail participation has matured. Regulators have placed greater weight on suitability, disclosure, and long-term investor outcomes, while market volatility has highlighted the limits of short-term trading strategies for many individuals.
Within this environment, portfolio-based solutions offer a middle ground between pure self-direction and bespoke private wealth management. The Etihad Capital-Saxo arrangement fits that space by pairing local investment expertise with a global technology platform that can operate at scale.
Executives from Etihad Capital’s parent group, Naeem Holding, said the agreement supports a broader effort to widen access to professional investing across the region. From Saxo Bank’s side, management pointed to years of work with regional institutions to support more digital and regulated investment models in the Middle East.
What Comes Next?
The first model portfolios are scheduled to launch in early 2026. Later phases are expected to introduce additional strategies, including fixed-income, thematic, and broader multi-asset approaches, reflecting shifting preferences among Gulf investors.
The launch will likely attract attention from competitors seeking similar partnerships and from regulators assessing how managed retail solutions are delivered through digital platforms. If adoption meets expectations, the framework could become a reference point for future collaborations between regional asset managers and global trading platforms.
