(Bloomberg) -- Goldman Sachs Group Inc. is moving more senior private bankers to Dubai as it builds up its presence in the Middle East territory that’s increasingly becoming a destination for the world’s rich.
Charles der Kinderen moved in recent months to the emirate from London and Simon Martyn relocated from Hong Kong in September, according to a spokesperson for the US bank. Kinderen joined the New York-based firm in 2019 to cover single-family offices from the English capital while Martyn has handled Goldman’s wealthy Asian clients for almost a decade.
The moves add to Goldman’s headcount in the region after it hired several wealth advisers for the Dubai office during late 2021 as well as a banker from Societe Generale SA in June to build its Islamic finance offering for the Middle East and North Africa.
“We are continuing to build out our team in order to best serve clients and grow our private wealth management franchise in the region,” said Gabriel Aractingi, head of private wealth management for the MENA region, who joined the firm from UBS Group AG last year.
Read more: Goldman Hires Ex-UBS Banker to Double Wealth Business in Mideast
Global banks are vying to capture a bigger slice of the wealth management market and that battle is increasingly taking place in the Middle East, home to a sizable number of ultra-wealthy families, entrepreneurs and royals. Dubai in particular has become a preferred destination for financial professionals leaving Europe or Hong Kong, as well as Russian money since the Ukraine conflict began.
That immense wealth shift means the United Arab Emirates alone will attract 4,000 new millionaires this year, the most in the world, according to consultancy Henley & Partners. Goldman’s net revenues in wealth management were $1.6 billion in the third quarter, roughly flat from a year earlier.
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