February 13, 2018 / 3:36 PM / a year ago

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

FILE PHOTO: The logo of Swiss bank UBS is seen in St. Moritz, Switzerland, February 10, 2017. REUTERS/Stefano Rellandini/File Photo

DUBAI (Reuters) - 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.

Reporting by Saeed Azhar; Editing by Tom Arnold

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