Switzerland’s Syz Taps Former Goldman Banker for Mideast Push - Bloomberg

Switzerland’s Syz Taps Former Goldman Banker for Mideast Push - Bloomberg

Switzerland’s Bank Syz hired former Goldman Sachs Group Inc. executive Gabriel Aractingi to spearhead the wealth manager’s push into the Middle East.

A veteran of private banking in the Middle East, Aractingi will join Syz as managing partner and head of its operations in the region. He will be based in Geneva and will focus on expanding the business in Saudi Arabia, the United Arab Emirates and Turkey, according to a statement.

The Middle East is emerging as one of the world’s key battle grounds for global wealth managers. Leading players from Goldman to Deutsche Bank AG have all earmarked the region, which is home to a growing number of ultra-rich families, royals and entrepreneurs, for future growth.

Co-founded by Eric Syz in 1996, Bank Syz now has about 23 billion Swiss francs ($25.6 billion) of assets under management. In recent years, the bank has made several hires including former UBS Group AG and Pictet & Co. executives and it recently opened an office in Uruguay.

Aractingi left Goldman Sachs earlier this year after two years with the Wall Street firm. He was previously head of UBS Group AG’s global family office for the Middle East and North Africa and was Morgan Stanley’s chief executive officer in Saudi Arabia.