JPMorgan Chase establishes wealth management team in Dubai

(MENAFN) On Wednesday, JPMorgan Chase announced the establishment of a specialized banking team in Dubai, marking a strategic move to enhance its wealth management services in response to the rising influx of affluent individuals into the Gulf region. The newly formed team will focus on delivering tailored financial solutions to individuals, family-owned businesses, charities, and family foundations throughout the area. The bank has appointed Sebastien Botana de Beauvois, formerly with the Geneva branch, and Carol Mosherki from the London branch, to spearhead this initiative.

The expansion reflects a broader trend among Western wealth management firms, which are increasingly bolstering their presence in the UAE. The region's attractiveness is underscored by its relatively neutral political stance, business-friendly environment, advantageous time zones, and favorable tax regimes. This strategic positioning has drawn a diverse array of global investors to the Gulf state. UBS, for instance, has also announced plans to grow its wealth management team in the Middle East by adding ten new staff members, joining other major players such as Deutsche Bank and Lombard Odier, as well as various Asian wealth managers.

Karim Rekik, JPMorgan's head of emerging markets and the Middle East, emphasized the significance of the region as a dynamic hub for global innovation and investment. He noted that the bank's dedicated team in Dubai is aimed at improving its capacity to serve clients more effectively. Although JPMorgan Chase has not specified the exact number of additional hires planned, the bank indicated its intention to progressively expand the team in the coming years, reinforcing its commitment to meeting the growing demands of the region's high-net-worth clientele. 

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