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Julius Baer Targets Rich Indians in Dubai With UBS, JPMorgan Hires

(Bloomberg) — Swiss wealth manager Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to beef up its business catering to rich Indians in Dubai.

Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global non-resident Indians business in the emirate, according to a statement. Nisar Sindhi, previously at JPMorgan, has been named managing director and senior adviser. 

Global private banking firms have been adding staff in the Gulf to cater to a growing number of wealthy clients who’ve flocked to the region. Banco Santander SA is boosting private banking operations in Dubai, while HSBC Holdings Plc added 100 bankers in the region last year and plans hire “opportunistically” in the coming months. 

The United Arab Emirates alone attracted some 4,500 new millionaires last year, according to consultancy Henley & Partners. The number of registered foundations — a vehicle commonly used by wealthy families — rose by 53% in Dubai last year. In rival Abu Dhabi, with its $1.5 trillion in sovereign wealth funds, the number jumped by 35%, according to wealth advisory firm M/HQ. 

Julius Baer’s new recruits will focus on non-resident Indians, a lucrative segment of the bank’s wealth management offering bolstered by the growing number of wealthy Indians living overseas. Advani and Sindhi will both report to Tarun Jalali, who heads the unit in Dubai. 

In addition, two relationship managers will make the move to Julius Baer from UBS. 

“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 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. 

(Adds context on private banking. A previous version was corrected to fix the number of relationship managers joining Julius Baer)

©2024 Bloomberg L.P.

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