Deutsche Bank has named Mubashar Ayoob as the head of its wealth management operations in the Gulf, replacing Fred Hilal who has quit the firm.

Ayoob, whose financial career spans 23 years, will assume the new responsibility immediately.

He has been working at Deutsche Bank in Dubai since October 2011.

Previously, he had stints at Merrill Lynch and UBS.

In the new capacity, he will report to head of wealth management Middle East & Africa Loïc Voide.

At the same time, he will become a member of the bank’s Dubai International Financial Centre and UAE executive committees.

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Excluding Saudi Arabia, Deutsche Bank caters to nearly 3,000 UHNWIs in the Gulf region.

The firm anticipates this figure to increase by about 20% in the next five years.

The key priority for Ayoob will be to raise the bank’s assets under management by 50% in the coming three years.

He will work alongside relationship managers in Dubai, Geneva, Bahrain and Frankfurt.

Recent appointments by Deutsche Bank

In August 2018, the bank hired Claudio de Sanctis from Credit Suisse to serve as its wealth management head for Europe.

Besides, Deutsche Bank appointed Nick Reeves as the new head of UK financial planning last year.

Last month, the bank reshuffled its European wealth unit by reducing the number of market heads.