Craig Somerset is to lead RBC Wealth
Management’s newly-established Middle East desk as a director in
RBC’s UK division.
London-based Somerset previously worked as a
private banker for Al Mal Capital in Dubai and as a relationship
manager at Barclays Wealth, also in Dubai.
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Philip Harris, RBC’s head of UK private client
wealth management, said Somerset was the first in a range of senior
hires RBC was making to build up its Middle East desk.
“We believe there is a tremendous opportunity
for us to grow our assets amongst clients in the region who wish to
gain access to the full spectrum of our London-based banking,
investment and trust solutions,” Harris said.
Banks not turned off MENA by political
turmoil
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By GlobalDataRBC is the latest wealth manager from outside
the Middle East to bulk up its focus on the region.
Recent research by PBI
suggests the recent political turmoil throughout much of the region
is not turning private banks off their positive long-term outlook
for the Middle East and North Africa.
Bank Sarasin and Bank Julius Baer have both
expanded their offerings in the Middle East in the past six
months.
Bank Sarasin opened a representative office in
Abu Dhabi through its subsidiary Bank Sarasin-Alpen, its seventh
office in the Middle East, in November last year.
