Zurich-based Julius Baer has hired several private bankers in Dubai focused on the non-resident Indian segment.
Julius Baer has appointed Sanjay Advani as a managing director and team head for the global non-resident Indian (NRI) business in Dubai, according to a statement. Advani was most recently working at UBS and previously also worked at Credit Suisse, Societe Generale and Citigroup.
The Swiss bank also named Nisar Sindhi as a managing director and senior advisor. Sindhi joins from J.P. Morgan Private bank in Dubai where he covered ultra-high net worth individuals in the UAE, Bahrain and Oman. Prior to that, he worked at Citi and ABN AMRO.
Advani and Sindhi both report to Tarun Jalali, group head of global India and developed markets in Dubai. Two more ex-UBS executives will also join Julius Baer as relationship managers.
India Ambitions
Numerous private banks are seeking to tap the India opportunity due to its rapid rate of wealth creation. In 2023, the number of ultra-rich individuals from the country with a minimum net worth of $30 million grew 6.1 percent to 13,263 with expectations of another 50 percent increase by 2028. And many of these wealthy Indians opt for Dubai as their offshore hub of choice.
«These strategic hires signal our growth ambitions for the global NRI business as we set to expand our positioning in this fast-paced market environment,» said Kunal Sumaya, head of global NRI at Julius Baer. «The UAE as a location is of great importance to us.»
