Bank of New York Mellon, the US bank, is expanding operations in the Middle East with a new office at the Dubai International Financial Centre, according to The National.

Global banks have been moving to the region in recent years to exploit the surging demand for wealth management services as a result of rising oil prices and associated rises in the number of wealthy individuals.

BNY Mellon has $23 trillion in assets under custody and administration and more than $1.1 trillion in assets under management,

The bank traces its history in the Middle East back to the early 1900s, and has offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg. It enjoys a significant market share in its treasury and custodian businesses and is hoping that its new office – and the 20 specialist bankers who will work in Dubai – will help the other branches expand their presence.

Meanwhile, the US-headquartered bank has appointed Ted Berenblum as head of alternative investments. He joins from US rival banking group Citi, where he was a managing director and head of ultra-high net worth investments for its global wealth management division.

Based in New York, he will report directly to Leo Grohowski, chief investment officer of BNY Mellon Wealth Management.

In this newly created role, Mr Berenblum will lead expansion and delivery of alternative investments to private clients. Mr Berenblum will oversee expansion of private equity and real estate offerings, commodities including timber and natural resources, infrastructure, currency and portable alpha strategies.