Most recently, Rashad was a managing director and head of BofA Merrill’s Middle East wealth management business, Reuters stated.
In the new role he will report to Thomas Piske, chief executive of LGT Private Banking.
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It was in april 2012 that Reuters had about BofA putting its wealth management unit outside the US up for sale because the business, which managed US$90 billion for rich clients, was not large enough to generate sufficient income.
Further, LGT, which managed assets worth US$91 billion at end-2011, is setting up its operations in Dubai, Reuters stated. The bank has also hired at least six private bankers from Swiss rival Clariden Leu for the business.
Additionally, LGT will cover the non-resident Indian population from the region and countries in the Indian subcontinent, a business which will be headed by Mannan Adenwalla, previously Clariden’s managing director in Dubai.
LGT’s operations will be based in the tax-free Dubai International Financial Centre (DIFC), home to most global banks in the region.
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