Falcon Private Bank is on course to achieve its target of $1 billion in assets under management in the UAE by the end of this year, aided by the waning fortunes of Switzerland as the world’s premier wealth management hub, Reuters reports.

Eduardo Leeman, the bank’s chief executive, was quoted as saying that Switzerland is no longer the “default” location for investors in the Middle East. "People want to diversify geographically their assets so the default is now Singapore and Dubai," Leeman told the publication.

The CEO also said that Falcon Private Bank was not one of the four institutions under investigation by the Swiss regulator, FINMA, over involvement with the assets of former dictators. "We are not part of the four. Everyone has their suspicions but I know it's not me, that's for sure," he said.

A spokesperson for the bank confirmed the details of the report when contacted by WealthBriefing.

In related news, late last month WealthBriefingAsia exclusively revealed that Alex Jagmetti, a Singapore-based private banking veteran and head of the Asia-Pacific region at Falcon Private Bank, had left his role after less than a year, amid a refocusing of the Swiss bank’s Asian business on Greater China.

Jagmetti will not be succeeded, according to a spokesperson for the bank. In the new management set-up, James Mok, who had been branch manager in Hong Kong for two years reporting to Jagmetti, will now report directly to chief executive Leemann.