The new wealth head in the Gulf has been at the bank since 2011.

Deutsche Bank Wealth Management has appointed Mubashar Ayoob as wealth management head in the Middle East’s Gulf region, with immediate effect. Ayoob is taking over from Fred Hilal, who has left the German lender.

Ayoob, who joined Deutsche Bank in Dubai in October 2011, has 23 years of industry experience gained at Merrill Lynch and UBS. In his new role, he will manage the team in the region and other locations while continuing to service some of the bank’s largest relationships in the Gulf.

Ayoob will also join Deutsche Bank‘s Dubai International Financial Centre executive committee and its United Arab Emirates executive committee. He will report to Loïc Voide, head of wealth management Middle East & Africa and member of the executive board of Deutsche Bank (Switzerland) Ltd.

The new wealth head and his team of relationship managers, located in Dubai, Geneva, Bahrain and Frankfurt, want to increase assets under management by 50 per cent over the next three years. The bank said it also intends to boost its coverage team this year.

The Gulf region (excluding Saudi Arabia) is home to around 3,000 ultra-high net worth individuals, and estimates suggest that this number will rise by about 20 per cent over the next five years.