Private banking heats up in the Middle East

Wealth management had a tough 2022. Assets under management fell across the board, undermined by global uncertainty. But one region is not struggling. More wealth than ever is being formed in the Middle East, and more of it than ever is staying there. Private banks are hiring as fast as they can and expanding their repertoire in Shariah-compliant asset classes.

Selim Elgen is on the move. The private banker is preparing to head to Dubai from London in a move that was announced mid April and looks set to be completed sometime in August.

Until this spring, the 30-year Citi veteran, thoughtful and softly spoken, was covering private banking customers in the Middle East and Africa out of London, the place he has called home since graduating from the US firm’s private bank graduate scheme in 1994.

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