Portfolio manager Wealthface has partnered with US broker-dealer DriveWealth, LLC, to bring fractional investment in the US markets to the Middle East and North Africa (MENA) region. Under this collaboration deal, DriveWealth will serve as an executing broker for US stock trades and also offers Wealthface’s clients an affordable gateway to invest in fractional shares.
“This partnership is a great opportunity to establish our first presence in this important region, and we’re delighted to continue on our geographic expansion,” DriveWealth CEO Robert Cortright said.
Wealthface, which recently unveiled its robo-advice direct indexing platform, says this development helps resolve long-time challenges involved with investing in the US stock market, with Mena investors encountering issues not limited to processing delays.
The company operates out of its UAE offices in Abu Dhabi and holds a dual license from the Securities and Exchange Commission in the US and the Abu Dhabi Global Markets.
This collaboration also enables the region’s investors to build portfolios of US stocks, ETFs, and ADRs with low costs starting from $0.99 per trade. The fractional trading feature also eliminates the barriers that many investors face when trying to invest in a diversified portfolio of high-value securities.