(Bloomberg) -- JPMorgan Chase & Co is establishing a private banking team in Dubai, joining a raft of rivals that have deployed additional resources to the Middle East to capitalize on the thousands of millionaires flocking to the region.
The firm has transferred two bankers from Geneva and London to establish the new team, which it plans to grow in coming years, according to a statement. The duo — Sebastian Botana de Beauvau and Carol Mushriqui — will be expected to win business with affluent individuals, family offices, charities and foundations across the region.
Lured by the lack of income taxes and a luxury lifestyle, more millionaires are expected to move to the United Arab Emirates this year than any other destination, according to Henley & Partners. About 6,700 ultra-wealthy individuals are expected to move to the country, nearly double the influx expected in the US.
In response, some of the world’s largest wealth managers from UBS Group AG to Deutsche Bank AG have earmarked the Middle East as a major growth opportunity.
HSBC Holdings Plc added 100 bankers in the region last year and plans to hire “opportunistically” in coming months, while Swiss wealth manager Julius Baer Group Ltd. has hired senior bankers to beef up its business catering to rich Indians in Dubai.
JPMorgan’s international private bank is larger than any of its US rivals and the Wall Street giant has been seeking to grow the offering in recent years, according to an investor presentation in May. It has already added 11 city locations in the last decade, the presentation shows.
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