Even as some wealth managers consolidate their regional presence, focusing on one or two core markets, UBS continues to expand across the Middle East, adding relationship managers and new offices. The result is a growing business and product range attracting more new wealthy clients.
UBS reckons its assets in Dubai are doubling every two to three years. In 2021, it more than doubled net new fee-generating assets – despite a lack of travel opportunities – while trimming its cost-to-income ratio by three percentage points.
The Swiss wealth management firm has a regional presence stretching back six decades. It boasts local offices in Riyadh and Dubai, where it has 130 employees, and a rep office in Manama. In April 2021, it opened its first full-service office in Doha, staffed by around 35 wealth and relationship managers.
Another key moment in the awards period was the formation of a new Middle East and Africa private wealth unit under the bank’s Europe, Middle East and Africa umbrella, enabling it to focus on the specific needs of wealthy families.