Goldman Sachs eyes Middle East growth with Credit Suisse hires

Goldman Sachs Group Inc. hired a trio of Credit Suisse private bankers as it builds up its presence in a swath of the Middle East that’s increasingly becoming a destination for the world’s rich.

Fahad Alebrahim is joining the Wall Street firm to focus on Kuwait after previously working as a managing director in the Swiss bank’s strategic-client segment for its richest clients, according to a person with knowledge of the matter. Wealth advisers Arvind Gulati and Anthony Hage will join Alebrahim and all will be based in Dubai, the person said, who asked not to be identified as the details aren’t public.

Representatives for Goldman and Credit Suisse declined to comment. Alebrahim, Gulati and Hage didn’t immediately respond to a request for comment.

The Middle East is rapidly emerging as one of the world’s key battlesgrounds for global wealth managers, with the United Arab Emirates alone expected to attract 4,500 new millionaires this year, according to consultancy Henley & Partners. JPMorgan Chase & Co. and Deutsche Bank AG are among banks targeting the region for future growth.

Many global banks are also poaching Credit Suisse bankers as UBS Group AG implements one of the biggest mergers in global finance after agreeing this year to acquire its longtime rival. Credit Suisse became a Middle East powerhouse under Bruno Daher, the former head of that region who had a management style that was a lightning rod for some employees. 

HSBC Holdings Plc hired half-a-dozen Credit Suisse private bankers last month, including Aladdin Hangari as head of global private banking for the Middle East and North Africa, while Deutsche Bank said in September it added a group of 10 wealth managers from the Swiss firm to build its presence in similar areas.  

Goldman last year moved private bankers to Dubai after adding headcount in areas such as asset management, Islamic finance and investment banking. That expansion contrasts with the bank’s moves elsewhere. Goldman has cut thousands of positions around the world as it has faced a prolonged slump in investment banking amid a tougher macroeconomic climate.