Gary Dugan, chief investment officer for Europe, Middle East and Africa at Merrill Lynch Global Wealth Management, based in London, has left the firm to work for a Middle East bank in Dubai, WealthBriefing has learned.

Mr Dugan left the company last week, according to a source familiar with the matter. After a period of gardening leave, he will move to the Gulf for his new role, which is understood to be that of chief investment officer at Emirates NBD private banking division in Dubai, although WealthBriefing was not able to reach Emirates NBD for a comment. Emirates NBD has been building up its private banking operations in the region. The firm appointed Robbert Jan Voogt as general manager of private banking last year and it has officially opened its new office in Dubai.

The move by Mr Dugan is understood to have been amicable. As a temporary measure, Mr Dugan’s role will be filled by Jeremy Smilg, head of products and wealth solutions, who joined Merrill last year and is a former employee of UBS.

Merrill Lynch is understood to be actively seeking a permanent replacement for Mr Dugan.

Merrill Lynch declined to comment on the matter.