UBS Boosts Middle East Expansion Drive With New Qatari Hub - Bloomberg
UBS Group AG is setting up a second Middle Eastern hub in Qatar that will eventually add investment banking and asset-management services to its wealth-management business as part of an expansion in the region.
The new Doha wealth office will open within weeks and UBS intends to hire about 20 people by the end of the year, a person briefed on the plans said, requesting anonymity because the details aren’t public. Appointments will include back office and support staff, as well as relationship managers to build business with Qatari clients, the person said.
The wealth management business will be tapping into a market where per-capita income is almost six times that of the world average, according to World Bank data. Having a presence on the ground also opens UBS to the opportunity of potentially managing assets on behalf of one of the world’s largest sovereign wealth funds, the Qatar Investment Authority.
Switzerland’s largest bank hired Tarek Eido from HSBC Holdings Plc to oversee its wealth management business in Qatar, starting March 1, according to a memo the bank sent to employees Friday and confirmed by a spokesperson. He will report to Ali Janoudi, who is responsible for the Middle East and Africa wealth business.
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