Rothschild & Co has opened a wealth management office in Dubai to boost its offering to local clients as well as wealthy individuals in the region.
The new office, already operational, will cater to ultra-high-net worth families, entrepreneurs, charities and foundations, adding its Geneva-based Middle East team will now be flanked by local advisers.
"As a financial centre with impressive demographics and a growing GDP per capita, Dubai is a very attractive market for Rothschild & Co.," the bank's Head of Wealth Management for the Middle East Sascha Benz, who will head the office and relocates from Switzerland.
Dubai's "international positioning as a financial centre covering the Middle East region makes it increasingly interesting for wealthy foreigners and institutions," Benz said, adding the new office aims to serve clients including "local (merchant) families with succession needs", international families, family offices, and tech-focused entrepreneurs.
Benz will be supported by a local senior client adviser as well as a Compliance Officer adding Rothschild foresees three more hires for the Dubai office over the next 18 months.
