UBS Wealth Management has made a big Russian hire

As we've mentioned on previous occasions, wealth management hiring is quite hot in Russia. Barclays Wealth has identified the country as a target area for growth. Credit Suisse has been building its private banking presence in Moscow and Coutts has been building its Russian desk (albeit in London).

Now, Bloomberg reports that UBS has made a big hire for its Russian business: it's poached Andrey Dubinin, chief executive of Aviva's business in Russia for its wealth management team.

Last year, UBS Russian country chief Nicholas Jordan said the company was determined to regain its crown as one of Russia's largest wealth managers and would be making the most of its links with private clients to win M&A mandates. UBS hired Gregg Robins from Union Bancaire Privée to run its Russian wealth management business in 2010. Last summer, Robbins said rich Russians were increasingly investing in property in Western Europe.

Dubinin will not be based in Moscow, but is moving to Geneva.