A number of firms have recently set up shop in Dubai and neighbouring Abu Dhabi, seeking to ride a rising wave of wealth in the region. UBS opened an Abu Dhabi office in October.

UBS has appointed former JP Morgan senior figure Borja Martinez-Laredo to join its wealth management Middle East team as the location head of the Swiss bank’s newly-established Abu Dhabi office, effective 4 December. 

Martinez-Laredo (pictured below) will report directly to Niels Zilkens, head of UBS Wealth Management Middle East, according to a memo seen by this news service. Subject to regulatory clearance, Martinez-Laredo will also be senior executive officer. 

Borja Martinez-Laredo

The new joiner has worked in the financial services sector for more than 15 years. At JP Morgan, Martinez-Laredo worked at the US bank’s global families group in New York, working with international and multi-jurisdictional clients. He led a team of professionals advising Middle Eastern clients on a range of financial matters, including asset allocation, investment portfolio construction, capital and liquidity strategies, and wealth transfer planning and implementation. 

His appointment is something of a return to UBS – earlier in his career, Martinez-Laredo lead a wealth management team UBS Spain, expanding the local offering. 

UBS opened the Abu Dhabi office as recently as October.

Zilkens thanked Katrin Juerissen for her contributions as interim SEO during the office’s setup.

A number of firms, such as US-headquartered investment manager Brown Advisory have recently set up shop in Dubai and neighbouring Abu Dhabi, exploiting the rising level of demand for wealth management, for example inter-generational wealth and business transfer advisory work. Hamilton Lane, a private markets investment management firm, also opened its newest office in the Middle East in February in order to meet the needs of regional clients more effectively. A few days ago, DWS opened an office in Abu Dhabi Global Market.