Julius Baer eyes wealthy Indians in Dubai with UBS, JP Morgan recruits

JULIUS Baer Group Ltd., a Swiss wealth management firm, has roped in senior bankers from UBS Group AG and JPMorgan Chase & Co. to bolster its business catering to wealthy Indians in Dubai, UAE.

According to a Bloomberg report, Sanjay Advani from UBS has assumed the role of managing director and team leader for Julius Baer's global non-resident Indian clientele in the desert city, according to a statement.

Nisar Sindhi, who was previously associated with JPMorgan, has been made managing director and senior advisor.

While Advani previously worked at Credit Suisse, Societe Generale SA and Citigroup Inc., Sindhi spent 13 years at JPMorgan’s private bank in Dubai “- where he covered ultra-high net worth individuals in the UAE, Bahrain and Oman “- and previously worked at Citi and ABN Amro.

Both officials will directly report to Tarun Jalali, who oversees the Dubai unit.

Additionally, a couple of relationship managers from UBS will also transition to Julius Baer, the report added.

In response to the increasing influx of affluent individuals to the Gulf, global private banking firms have been expanding their teams in the region.

Last year, the United Arab Emirates attracted nearly 4,500 new millionaires, as reported by consultancy Henley & Partners.

The recent additions to Julius Baer's roster will concentrate on catering to non-resident Indians, a highly profitable segment within the bank's wealth-management portfolio. The move aligns with the rising trend of wealthy Indians residing abroad,

“These strategic hires signal our growth ambitions for the Global NRI Business as we set to expand our positioning in this fast-paced market environment,” Kunal Sumaya, head of Global NRI at Julius Baer was quoted as saying by Bloomberg.

“The UAE as a location is of great importance to us.”