Coutts, the wealth management unit of Royal Bank of Scotland Group Plc, hired four private bankers in the Middle East and said it plans further additions to tap rising demand for wealth management services in the region.
Rishi Mansukhani joins as executive director from HSBC Holdings (HSBA) Plc’s private banking unit and will co-lead a team in Dubai focused on non-resident Indians, Coutts said today in an e-mailed statement. Mahesh Ram is a former ABN Amro banker, Jai Prakash Paliwal comes from ICICI Bank, and Amit Tyagi from HSBC.
Coutts, with offices in Abu Dhabi, Dubai and Doha, last year announced plans to make 20 new appointments in the Middle East, with 15 of those in its regional hub of Dubai.
Coutts also hired three private bankers from Citigroup Inc. (C:US) and Bank Sarasin & Cie. in February to work in the region and Geneva to serve Middle East clients, the bank said at the time.
The bank and rivals are recruiting private bankers as a dearth of mergers and acquisitions and deals in the region reduces demand for investment banking. Deutsche Bank has eliminated seven jobs at its investment banking division in Dubai, two people familiar with the plan said yesterday.
The number of high-net-worth individuals in the Middle East rose 10 percent to 400,000 in 2010, while their combined wealth climbed 13 percent to $1.7 trillion, according to the Capgemini and Merrill Lynch 2011 World Wealth Report. The rate of growth in the size and wealth of the region’s high-net-worth population was higher than other regions, according to the June report.
Indians make up about a third of the population of the United Arab Emirates of 8.3 million, with a large presence in the country’s trade and financial services industry. India, Asia’s third-biggest economy after Japan and China, is the world’s top recipient of remittances, receiving about $64 billion in 2011, according to World Bank estimates.
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