People Moves

Pictet Names New Head Of Wealth Management For Levant

Devina Shah London 16 March 2011

Pictet Names New Head Of Wealth Management For Levant

Pictet & Cie, the Swiss private bank, has named a new head of wealth management for the Levant region. Nabih Haddad takes the reins, based in Dubai.

Haddad was latterly a private and institutional wealth manager with Merrill Lynch PF&S in Lebanon. He worked for Merrill Lynch for 16 years and is said to have developed a wide network across the MENA region, including the UAE. 

The appointment of Haddad builds on Pictet's expansion drive in the Middle East, where it is targeting its wealth management services at entrepreneurs and large families.

Pictet, which has had a representative office in Dubai since July 2007, said its partnership structure operates “rather like a close-knit family-owned group.”

“Such groups are common in Arab countries and with our long history and entrepreneurial culture, we are familiar with the challenges and opportunities of family structures. We consider the Levant as a highly promising market," said Jacques de Saussure, senior managing partner of Pictet & Cie.

The bank has assets under management and custody totalling $400 billion, as at the end of December 2010.

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