The Zurich entity is currently present in more than 25 countries, with more than 60 sites.
Swiss Wealth Management Company Julius Baer is expanding its operations in Doha with the opening of an advisory office in the Qatar Financial Center (QFC), the Zurich-based company announced on Tuesday.
“Over many years, Qatar’s growth story has been as impressive as it has been successful, creating a diverse national economy underpinned by its natural resources,” said Régis Burger, Global Head Middle East & Africa at Julius Baer.
The wealth manager said it hired Slim Bouker, a former head of private banking at Doha Bank, to oversee its expansion while running its advisory office. He said he was awaiting the completion of regulatory approvals for the office and his appointment.
Seeking to tap into the Middle East market, the Swiss entity is working with the QFC and the Qatar Financial Center Regulatory Authority (QFCRA) “for the incorporation and application process.”
“We have grown our business in the Middle East by leaps and bounds over the past decades and this move will support our next phase of growth and development in the region,” Burger said.
The leading independent wealth manager operates in various parts of the regionincluding the United Arab Emirates, Bahrain and Israel – on illegally occupied Palestinian land.
Commenting on its expansion in Doha, Burger said Qatar’s efforts “to become a hub for sport and education in the Middle East” stand out and will help the financial entity “reach great heights”.
Once the office is established, Bouker will report to Alireza Valizadeh, managing director of Julius Baer (Middle East), who describes the Swiss entity as “an established name” in the region.
“Right now, we are seeing the emergence of the next generation of customers – a generation that likes to look beyond traditional means of wealth preservation, especially in Gulf Cooperation Council (GCC) countries like Qatar. “, Valizadeh said.
Julius Baer would join other Swiss banking entities in the Gulf state’s growing financial services sector, including UBS AG and Credit Suisse. Other leading companies in the sector include HSBC, Ernst & Young and Intesa Sanpaolo.
“With our local presence, as well as our long history in wealth management and the transmission of wealth between generations, we are perfectly suited to meet the needs and requirements of this new group of clients,” added Valizadeh.
According to his websiteJulius Baer has been operating for over 130 years and is currently present in over 25 countries, with over 60 locations.
Beyond the Middle East, it has offices in Bangkok, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Milan, Monaco and Mumbai among several other countries.
At the end of April this year, the company’s assets reached 457 billion Swiss francs (more than 450 billion dollars).