Swiss private bank Mirabaud has been approved by the Dubai International Financial Centre to provide wealth and asset management for private clients in Dubai. The new office will be managed by Gilles Rollet, who was recently head of ABN Amro’s Dubai-based private bank, serving the Middle East and the Indian sub-continent. “This operation is fully in line with our expansion strategy: recruiting asset managers with client portfolios, who are capable of sharing our values of excellence and independence”, said Yves Mirabaud, managing partner and member of Mirabaud’s Executive Committee. “We are looking to become a prominent player in the Middle East, notably by promoting a global financial service and an open architecture.” The bank is aiming for breakeven in 2009, with a team of six asset managers, five management assistants and three product specialists. According to Mirabaud, it is the only bank to adopt a business model where an asset management company works in partnership with several custodians. Headed by Yves Mirabaud, the multi-custodian management company will work with local banks, as well as banks in Switzerland and Singapore, for client account deposits. This model provides clients a great deal of flexibility in selecting a custodian bank, and offers them competitive and transparent management costs.