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.
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