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UBS names ex-Investcorp exec as Saudi ultra high net worth head

The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. Picture taken on March 29, 2017. REUTERS/Arnd Wiegmann – RC1FDF72A7D0

UBS Group has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia.

UBS Group UBSG.S has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia from February 1, the bank said in an email.

Aractingi previously headed the Saudi business for Bahrain-based Investcorp INVB.BH , having joined the investment firm in 2016 from Morgan Stanley MS.N .

UBS, the world’s biggest wealth manager, had told Reuters last year it wants to increase the number of bankers targeting the Middle East notably those serving the Saudi wealth market. Aractingi will be based in based in Geneva.

Saudi Arabia, the world’s biggest oil exporter, counts the most billionaires and the richest ones among Arab countries with 10 of them having a combined net worth of more than $40 billion.

Separately, a spokesman for Investcorp said it had appointed Yasser Bajsair as its CEO for Saudi Arabia.

About Marc Mcilhone

Marc Mcilhone
Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives. Please email press releases and news to: editor@arabbrains.com

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