JP Morgan Chase has expanded its private banking offerings in the Middle East with the opening of a dedicated wealth management branch at Dubai International Financial centre.
Regulated by the Dubai Financial Services Authority, the DIFC branch will enable JP Morgan Private Bank to better serve clients across the UAE and the wider region, it said in a statement on Monday.
In the 12 months leading up to the final DFSA approval, JP Morgan more than tripled the size of its Dubai-based private banking team to build capabilities before launch, it said, without specifying the number of bankers added.
The team in Dubai is led by Selim Elgen, UAE market head and senior executive officer, and Karim Rekik, regional head, Middle East at JP Morgan Private Bank, the lender said.
“JP Morgan Private Bank’s expansion into DIFC reinforces Dubai’s position as a global hub for private wealth,” said Arif Amiri, chief executive of the DIFC Authority.
JP Morgan is the latest among major global financial institutions that have expanded in the UAE this year despite Iran war-driven uncertainty and economic headwinds.
HSBC, Barclays as well as several Swiss wealth managers have also boosted their operations in the country to leverage the rapid growth of domestic wealth as well as the migration of global capital into the UAE.
In October, Dubai and Abu Dhabi were ranked among the top 10 destinations for next-generation wealth despite the fallout from geopolitical tension.
Dubai was ranked eighth and the UAE capital was 10th among favoured cities for the $84 trillion of wealth expected to be transferred between generations over the next two decades, consultancy Savills said in a report.
Net wealth in the UAE is set to jump to $6 trillion by the end of this decade despite the short-term volatility, according to Boston Consulting Group data. In the five years to the end of 2030, net wealth in the Emirates is set to increase by more than $2.3 trillion, at an annual growth rate of 10.6 per cent, the consultancy said in a report last month.
Long-term relations
JP Morgan Private Bank said its dedicated money management branch is the latest chapter in the bank’s five-decade relationship with the UAE.
Over the past 20 years, the company has also used DIFC as its regional base for corporate and investment banking and, more recently, broadened its activities with authorisation to provide asset management services through JP Morgan International Advisers.
"The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients,” said Mr Rekik.
