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Mirabaud opens its Dubai office

DUBAI — Mirabaud & Cie Banquiers Prives, the Swiss-headquartered private banking and asset management group, has opened an office in Dubai, the first in the region. The office located at the Dubai International Financial Centre (DIFC), will service clients across the Middle East as well acting as a launch pad for entry into Central and South Asia and North Africa.

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"We felt very strongly that Dubai, and the DIFC, was the right home for Mirabaud as we grow our operations across these diverse and rapidly emerging markets," said CEO, Mirabaud (Middle East) Ltd, Gilles Rollet.

Managing partner, Marc Pereire, who is based in London, reiterated that the bank's aim is to grow its presence across the region. "It is a fast-growing region. There is a lot of wealth and to deliver our services we need to be close to our clients." He added: "The market is very competitive but we are sticking with our knitting and are doing it well, openly and transparently."

At the end of September Mirabaud had $22 billion of assets under management globally and aims to have between 10 and 15 per cent of its portfolio under management to Middle Eastern clients over the next five years, said Pereire.

To service demand, the bank intends to increase the number of staff in the Dubai office, mainly at the front end, from seven people currently to between 20 and 25 in the next two to three years, he said. And although the bank has no plans to launch a MENA specific fund, "if there is demand for Islamic products we will find good products from other people," he added.

Pierre Mirabaud, chairman of the Swiss Bankers Association and senior partner, Mirabaud, commented: "The aspects of the Swiss banking industry that are world-famous — privacy, strong client relationships and the highest levels of trust — are now available to clients here in the Gulf and the Middle East."