A former Julius Baer banker is set to launch a new wealth management business in Monaco. Dubbed Azura, the wealth manager will mainly tend to billionaires, reported Bloomberg.

At Julius Baer, Jamal latterly served as the head of key clients for emerging markets.

He had been working at the bank since 2013 and previously held roles at Credit Suisse Group.

It will have nearly $2bn of advisory assets under management at its launch.

The business will offer family office and investment advisory services as well as engage in club deals.

Jamal will be supported by Karim Lari and Ben Leung at the new firm.

Lari was the co-founder of the global modelling and analytics group at Credit Suisse. Leung previously led trading and macro research at Broadpoint Asset Management.

Azura also intends to have seven employees in London and Monaco this year. However, neither Jamal nor Julius Baer confirmed the initiative.

A 2018 report by UBS and PWC found billionaires wealth registered its highest-ever growth in 2017, achieving a double-digit growth of 19% to $8.9trn shared among 2,158 individuals.

Previously, WealthInsight and Verdict (part of PBI), reported that one in three residents of Monaco could be classed as millionaires. Earlier this year, the Knight Frank Wealth Report recorded a total of 12 billionaires living in Monaco.