SG Private Banking, the wealth management arm of Société Générale, has appointed two new managers in a move to strengthen its teams in the Middle East.  Dina ElYacoubi and Ashish Anand are both based in the firm’s regional hub in the Dubai International Finance Centre and report to Patrick Thiriet, global market manager for the Middle East.

Dina ElYacoubi has joined SG Private Banking as senior vice-president and head of the firm’s women’s desk for the Middle East.  This newly created team aims to cater for the region’s growing numbers of high net worth women, by providing wealth management services which are in line with Middle Eastern cultural considerations.

Mrs ElYacoubi joins SG Private Banking from Barclays Wealth, where she held the position of relationship director for four years.  Prior to this she was relationship manager at Citibank.

Ashish Anand’s new role is that of executive director, wealth planning and fiduciary services, under the functional responsibility of Olivier Gougeon, global head of wealth planning and fiduciary services division, based in London.

Mr Anand’s role focuses on the development of asset protection and structuring services for the growing number of entrepreneurs in the Middle East.  This work is supported by the firm’s global wealth planning and fiduciary services division, which operates in 12 countries around the world.

Mr Anand has joined SG Private Wealth from Royal Bank of Canada, where he was director and chief representative for the Middle East.  Previous to this he held the role of head of international wealth management at National Bank of Oman.

SG Private Banking has approximately $96.9829 billion assets under management (at the end of June 2008), and employs 2,800 people across 26 countries.  

As reported by Reuters yesterday, SG Private Banking is expecting to benefit from a post credit crunch consolidation of the wealth management sector.   

"There will be a consolidation of the private banking industry. There will be a redistribution of players, a concentration of players and a restructuring of players. We think we stand to benefit from that and we will be looking to make acquisitions. Now is the time for us to grow," Pierre Baer, Southeast Asia and Singapore head, told Reuters.