Why wealth managers should be eyeing Abu Dhabi
Abu Dhabi is fast-emerging as the place to be for private bankers in the Gulf. The problem is though, experienced professionals with extensive client networks are not in plentiful supply - and firms are willing to pay for key talent.
Citi Private Bank recently hired Abu Dhabi wealth management veteran Daniel Gay to focus on high-net-worth clients in the emirate. As Gay previously held a senior position at UBS in Abu Dhabi, this is considered something of a coup for Citi.
Elissar Farah Antonios, chief officer for Citi Private Bank, Abu Dhabi, said the there would be a "focus on Abu Dhabi and the United Arab Emirates as a hub for regional wealth management activities."
Bank of America Merrill Lynch has also hinted at a wealth management expansion in Abu Dhabi. Jonathan Moulds, head of EMEA at the firm, told French newspaper La Tribune that it wanted to develop wealth management "significantly in the Gulf region, including Abu Dhabi and Saudi Arabia."
Standard Chartered also recently signalled a new focus Dubai's oil-rich neighbour with the appointment of Anthony Rawlinson as head of private banking and office manager in Abu Dhabi.
Magdy El Zein, managing director of executive search firm Boyden Middle East, says: "Institutions that were previously serving HNW clients from Dubai are deciding they need a presence in Abu Dhabi itself. They're either moving people across or, increasingly, recruiting people for their Abu Dhabi offices."
The likes of UBS and Julius Baer also have an Abu Dhabi presence, although recent hiring activity at the latter has focused on Dubai.
Still, El Zein says that an increasing openness on the part of wealthy families in the emirate to more sophisticated investment techniques is leading more banks to get closer to the action. However, private bankers with an existing network of such clients are rare, and banks are willing to pay generously for the right people.
"The packages being offered to wealth managers in Abu Dhabi are increasing, simply because of the talent shortage. Employers are also reluctant to let their existing staff leave, which is driving up compensation further," says El Zein.
Separately, Deutsche Bank has opened an Abu Dhabi operation, which will initially focus on commercial banking and will comprise 15 staff.
