Seeking to strengthen its business with external asset managers, Zurich-based Julius Baer sets up a desk in Dubai. It adds experienced hires from its competitors.
Julius Baer has established a desk in the Dubai International Finance Center (DIFC) to bolster its business with external asset managers (EAM) and independent financial advisors in what it says capitalizes on its first mover advantage there, it was announced on Tuesday.
The business is the responsibility of twelve-year Julius Baer veteran Marc Haefeli who established ties with EAMs in the Middle East, and Dubai especially, during the last six years. He brings more than two decades of experience in the financial services industry across the Middle East and Switzerland.
More Relationship Managers
Aakanksha Raizada joined the new desk as a relationship manager in August, coming from Credit Suisse Dubai as an assistant relationship manager, according to Linkedin.
Also joining is Pebin Muriyamadom as assistant relationship manager from LGT Dubai where he worked for nearly four years in Private Banking. Before that, he was with UBS Wealth Management, according to his Linkedin page. Both report to Haefli.
HNWI Influx into Dubai
With its influx of ultra-high-net-worth and high-net-worth individuals, the Middle East is a fertile ground for wealth managers to expand their businesses. Julius Baer believes the trend will continue, which will help it in its efforts to have 1 trillion Swiss francs ($1.12 trillion) of assets under management.
Attaining that would mean more than doubling the current level of AuM of 441 billion francs, a goal that CEO Philipp Rickenbacher said because «we are in growth mode and such ambitions are not unrealistic,» as finews.com reported.
