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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
