JP Morgan (JPM.N), opens new tab has set up a private banking team in Dubai to provide wealth management services, it said on Wednesday, as the Wall Street bank responds to a growing number of rich people moving to the Gulf.
JPM picked Sebastian Botana de Beauvau and Carol Mushriqui, who join from its Geneva and London offices respectively, to start the team, which will cater for individual people, family offices, charities and family foundations across the region, it said in a statement.
Western wealth managers have increased their presence in the United Arab Emirates as its relatively neutral political stance, ease of doing business, convenient time zones, and tax free status has lured an increasingly diverse pool of investors.
In June, UBS (UBSG.S), opens new tab said it was boosting its wealth management team in the Middle East with 10 new hires, joining expansion efforts by other Western banks such as Deutsche Bank (DBKGn.DE), opens new tab and Lombard Odier, as well as by Asian wealth managers.
"The Middle East has for some time now, been a fast-growing global hub for innovation, attracting global interest and investment. Our dedicated local team strengthen our ability to better serve our clients," Karim Rekik, JPM's head of Emerging Markets and Middle East, International Private Bank, was quoted as saying in the statement.
The bank added it had plans "to grow the team steadily in the coming years," without providing a specific figure.
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