Navigating Global Wealth: An Interview with the Co-Founder of Areca Capital Ltd

In an era defined by unprecedented wealth creation and global financial interconnectivity, the role of bespoke asset management has never been more crucial. From the gleaming skyscrapers of Dubai, a leading global financial hub, to the dynamic markets of Almaty, at the crossroads of Central Asia’s economic evolution, a new breed of asset manager is emerging to serve a discerning clientele. Catering to high-net-worth individuals and sophisticated family offices, these firms blend deep market insight with tailored investment strategies designed for long-term growth, legacy preservation, and multigenerational planning. In this interview, we sit down with Mr Maxim Safonov,  one of the co-founders of a pioneering asset management company with footprints in both Dubai and Almaty to explore the vision, challenges, and philosophies shaping wealth management in today’s complex global landscape.

WF: What was the impetus behind establishing an asset management firm dedicated to high-net-worth individuals, family offices, and corporate clients?

MS: We are operating within a period of structural transformation in the way capital is allocated globally — across geographies, asset classes, and investment formats. The UAE, in particular, has emerged as a significant destination for international capital migrating from traditional financial centres. However, while capital inflows have accelerated markedly, the availability of high-quality, genuinely client-centric infrastructure has not kept pace with that growth.

At the same time, global markets are presenting compelling medium and long-term investment opportunities shaped by current macroeconomic realignment, evolving geopolitical dynamics, and technological innovation.

In short - we help clients to make money by providing advisory services on their own accounts opened within our custody. We assure high level of transparency through the portal and let clients either make their final decisions themselves based on our advise or fully manage their money.

To get insight into our assets management style, please read our newsletter, wherein we show track record of two strategies, one delivering around 9% p.a. other around 15% p.a.

WF: What strategic rationale led you to designate the UAE and K

azakhstan as your core operating markets?

MS: We established our presence within Abu Dhabi Global Market (ADGM) on account of its robust regulatory and legal framework, as well as its growing stature as a global financial hub. The scale of incoming capital inflows provides a strong case for a local presence from a commercial standpoint. Equally important is the well-developed ecosystem of service providers and institutional vendors that enables a platform of our scope to operate, evolve, and scale effectively.

Our expansion into Kazakhstan reflects a considered, strategic view of Central Asia as an emerging financial region with its own developing market infrastructure. By connecting these two jurisdictions through a single platform, we provide clients seamless access to international markets while preserving the depth of local expertise and regional insight that distinguishes our offering.

WF: What has represented the most significant challenge encountered in building the firm?

MS: Trust. In our industry, the quality of market infrastructure and the delivery of superior investment returns are both of material importance — however, trust ultimately serves as the defining currency of our business. Cultivating trust demands consistency, transparency, and a rigorously client-centric process. It cannot be expedited; it must be earned progressively through sustained alignment and disciplined delivery.

Our two-fold product proposition (custody and advisory) is targeting high level of transparency as even for discretionary mandates clients can check all trades that we do on their accounts.

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WF: How would you characterise your firm’s investment philosophy?

MS: Our philosophy is fundamentally macro-driven, disciplined in its execution, and aligned with client objectives. We begin at the level of macroeconomic themes and structural global trends that we present to clients before translating those perspectives into asset allocation decisions and portfolio construction. We deliberately avoid unnecessary complexity and believe that every idea can be expressed with different level of risk that is acceptable to a client.

WF: Does the firm operate primarily on a discretionary or advisory basis?

MS: We operate through a flexible hybrid model. Clients keep their assets in our custody and benefit from full daily transparency via our digital platform. They may allocate portions of their portfolios across discretionary mandates, advisory mandates, or execution-only arrangements, in accordance with their individual preferences and sophistication.

We recognise that trust develops progressively and at varying rates across client relationships. By offering differentiated levels of control and engagement, we allow clients to participate in the investment process at a depth that is that they want to.

WF: How does the firm approach the management of liquidity and tail-risk exposure?

MS: Liquidity is at core of our strategy construction. We maintain a primary focus on highly liquid instruments that can be exited efficiently when circumstances require. In addition, we apply rigorous historical stress-testing and scenario analysis to assess gap and tail risks with appropriate depth. Portfolios are calibrated within clearly defined risk parameters established in close consultation with each client. Risk management is not an overlay applied retrospectively — it is embedded structurally within the portfolio design process from the outset.

WF: How does the firm define success on behalf of its clients?

MS: Success is inherently relative and must be considered through each client’s circumstances. We begin by establishing clearly articulated return expectations based on each client’s risk profile and overall investment objectives. We then evaluate outcomes across two distinct dimensions: performance relative to agreed benchmarks, and the degree of correlation with broader market indices. A core objective of our philosophy is the generation of superior uncorrelated returns wherever achievable. We believe that clients should clear understand our added-value that we believe is the quality of investment advise and forward looking thinking.

WF: What measures does the firm employ to ensure transparency and the protection of client data?

MS: Transparency is non-negotiable within our operating model. Clients maintain full visibility into all portfolio activity through our proprietary digital portal. Many clients hold multiple accounts structured differently — advisory, discretionary, or execution-only — according to their specific objectives, each accessible with complete clarity.

Data protection is treated with an equivalent level of rigour. Our technology infrastructure is ISO 27001:2022 certified, ensuring compliance with stringent international information security standards. All data is encrypted both in transit and at rest, and we conduct regular security audits, penetration testing, and continuous monitoring protocols to safeguard against evolving cyber threats.

WF: What are the firm’s principal strategic priorities over the next three to five years?

MS: Our priorities are threefold. First, we aim to expand our client base while deepening engagement across multiple product lines within the platform.

Second, we are extending our advisory and asset management products across both public and private market strategies. We are targeting a high level of complimentarily of all strategies on our platform that in in turn requires a very careful selection and balance between in-house and partnership products.

Third, technological advancement remains a core institutional priority. We are actively investing in systems that enhance the client experience while maintaining operational efficiency and disciplined cost management — ensuring that our platform continues to evolve in line with the expectations of the client base.