Why are wealth managers still building their Middle East teams?
At a time when wealth in the Middle East is on the decline, more and more firms are looking to expand their private banking presence in the region. As a result, recruitment in the sector has been comparatively buoyant even in difficult conditions. SG Private Banking, the wealth management arm of Société Générale, is looking to grow its Middle Eastern presence, with plans to open a Saudi office in addition to its operations in Abu Dhabi, Dubai and Bahrain. “This region is one of the priorities for private banking business this year. It is our focus, which is why we have budgets for expansion and for hiring more people,” said Eddy Abramo, CEO, Middle East. It’s not the only firm looking to grow its wealth management capabilities in the Middle East. Lloyds TSB International Banking has appointed Nigel Putt as the new head of its Dubai office and also taken on Dresdner Bank’s entire senior wealth management team, according to reports. Barclays Wealth, HSBC and Standard Chartered have also
