Swiss wealth manager Julius Baer Group Ltd. has strengthened its foothold in Dubai by recruiting senior bankers from UBS Group AG and JPMorgan Chase & Co. to cater to affluent Indians in the region.
Sanjay Advani, previously with UBS, joins as Managing Director and team head for Julius Baer’s global non-resident Indians (NRI) business in Dubai. Nisar Sindhi, formerly of JPMorgan, has been appointed Managing Director and Senior Adviser. Both will report to Tarun Jalali, head of the Dubai unit. Additionally, two relationship managers from UBS will transition to Julius Baer.
Global private banks are ramping up staff in the Gulf to serve an increasing number of wealthy clients. The UAE alone saw the arrival of around 4,500 new millionaires last year, per consultancy Henley & Partners.
These strategic hires will enhance Julius Baer’s focus on non-resident Indians, a key segment of their wealth management services fueled by the growing wealth of Indians 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,” said Kunal Sumaya, Head of Global NRI at Julius Baer. “The UAE as a location is of great importance to us.”
Advani brings experience from Credit Suisse, Societe Generale SA, and Citigroup Inc. Sindhi has 13 years of experience at JPMorgan’s private bank in Dubai and has also worked with Citi and ABN Amro.
