Middle East’s best bank for wealth management 2021: UBS
No other wealth manager comes close to competing with UBS for this award. Again, the Swiss banking giant demonstrated its commitment to the region. During the awards period, it relocated its Dubai office to the heart of the Emirate’s financial district and opened a new wealth management office in Doha. UBS aims to hire about 20 people in Qatar by the end of 2020, but it has already made its biggest personnel move, bringing Tarek Eido from HSBC to oversee its onshore wealth business. Eido will report to head of wealth management, Middle East and Africa, Ali Janoudi.
It is UBS’s ability to plan ahead that really stands out. Last year was a good one as it found new ways to help clients profit from market turmoil. UBS reckons regional assets under management grew 26% year on year in 2020, even as it trimmed its cost-to-income ratio by three percentage points. Pre-tax profit rose 3% on an annualized basis to $957 million, with net interest income up 14% over the period.