DUBAI (Reuters) -Dubai-based Mashreq has entered a partnership with Goldman Sachs Asset Management to offer discretionary investment services and tap growing demand for professionally managed portfolios in the Gulf.

As the number of high-net-worth individuals, keen for sophisticated investment strategies, increases in the region, a joint statement said services resulting from the collaboration would be available from this month.

Discretionary investment services typically allow portfolio managers to make buy and sell decisions on behalf of clients, based on pre-agreed investment goals and risk appetite, without needing client approval for each transaction.

The investment strategy is gaining traction globally as affluent clients seek hands-off, professionally managed portfolios that can adapt swiftly to market shifts while aligning with their long-term financial goals.

"Our strategic collaboration with Goldman Sachs ( GS ) represents a pivotal milestone in institutionalising our investment platform," Vipul Kapur, head of private banking at Mashreq, said in the statement. "This significantly enhances our capability to cater to the evolving and sophisticated needs of our clients."

Fadi Abuali, co-CEO of Goldman Sachs Asset Management International and co-CEO for MENA, said Mashreq's strong ties with its customers make it a valuable partner.

The statement did not give precise detail on the partnership.

Goldman Sachs Asset Management, the investment arm of the U.S. investment bank, oversaw roughly $3.1 trillion in assets as of December 31, and invests across fixed income, liquidity, equity, alternatives, and multi-asset solutions.