Julius Baer recruits from UBS and JPMorgan to target wealth in Dubai. Source: Shutterstock

To expand its clientele of wealthy Indians in Dubai, Swiss wealth management firm Julius Baer has brought on board senior bankers from UBS Group and JPMorgan Chase & Co.

According to Bloomberg, Julius Baer has appointed Sanjay Advani as managing director and team leader of its global non-resident Indians division in the emirate, having previously worked at UBS, and Nisar Sindhi, formerly at JPMorgan, has been named managing director and senior adviser.

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Advani had been employed by Citigroup Inc., Societe Generale SA, and Credit Suisse.

After working at Citi and ABN Amro, Sindhi spent 13 years covering ultra-high net worth individuals in the UAE, Bahrain, and Oman at JPMorgan’s private bank in Dubai.

Global private banking groups have been hiring in the Gulf to serve an increasing number of rich clienteles who have relocated to the region.

Banco Santander SA is expanding its private banking business in Dubai, while HSBC Holdings Plc recruited 100 bankers in the region last year and intends to employ in the months ahead.

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In line with consulting firm Henley & Partners, the UAE alone recruited over 4,500 new millionaires last year. The number of registered foundations, which are typically utilised by affluent families, increased by 53% in Dubai during the same period.

Moreover, Abu Dhabi, which has $1.5trn in sovereign wealth funds, had a 35% increase, according to wealth advice firm M/HQ.

With an increasing number of wealthy Indians residing abroad, Julius Baer’s new hires will concentrate on serving non-resident Indians, a profitable market for the bank’s wealth management services. Tarun Jalali, the chief of the team in Dubai, will get reports from both Advani and Sindhi.

Furthermore, Julius Baer will welcome two UBS relationship managers as new employees.