Deutsche Bank names successor as Head of Wealth Management in the Gulf region resigns only two years into the role.
Veteran banker and head of Deutsche Bank's wealth management operations in the Gulf, Frederic Hilal, has left the bank after little over two years. It is not confirmed where Hilal is headed although he is believed to be continuing in the industry. Prior to Deutsche Bank, Hilal spent a year at Julius Baer and 16 years at Merrill Lynch.
He is succeeded by Mubashar Ayoob, who has been with Deutsche Bank since October 2011, prior to which he was at Merrill Lynch and UBS. In his new role, Ayoob will also join Deutsche Bank‘s Dubai International Financial Centre (DIFC) Executive Committee and its United Arab Emirates (UAE) Executive Committee.
He will report to Loïc Voide, Head of Wealth Management Middle East & Africa (MEA) and member of the Executive Board of Deutsche Bank (Switzerland).
Ambitious Targets
The Gulf, home to some 3,000 UHNW individuals, is a high-growth region for the bank. While this population is expected to grow by 20 percent over the next five years, Ayoob believes he can increase assets under management by 50 percent over the next three years.
He heads a team spread out over Dubai, Geneva, Bahrain, and Frankfurt. Although the bank has not specified any headcount targets it is actively seeking to enlarge its client coverage team for the region.
