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According to EY’s GCC Wealth and Asset Management Report 2016 'Global forces drive regional realities', the larger local banks in the GCC are approaching saturation in their home market and are starting to venture out to new markets such as Africa. George Triplow, EY's Wealth and Asset Management Leader says the UAE’s strong ties with African markets has encouraged a number of African businesses to use Dubai and the Dubai International Financial Center as an infrastructure hub. The regional retail wealth management sector faces the ongoing issue of lack of transparency and independence. According to Triplow, the key would be to provide lower costs, genuinely independent advice and technology-supported portfolio diversification with a focus on passive funds and exchange-traded funds, rather than complex structured products.