People Moves

LGT Makes Senior Hire For Dubai Drive

Mark Shapland, Reporter, London, 25 November 2014

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Schaer, who previously headed the Dubai office of Julius Baer Group, starts at the beginning of next year as a senior executive officer.

LGT Group, the bank owned by the Princely House of Liechtenstein, has hired Peter Schaer to run its Middle East private-banking business in Dubai.

Schaer, who previously headed the Dubai office of Julius Baer Group, starts at the beginning of next year as a senior executive officer.

Private wealth in the Middle East and Africa surged 12 per cent to $5.2 trillion in 2013 amid high savings rates and economic growth in oil-rich countries, according to a June report by Boston Consulting Group.

LGT opened its Dubai office in 2012 after hiring private bankers from a unit of Credit Suisse Group AG. While LGT advises and takes orders from clients in Dubai, it mainly books assets abroad with the bank’s unit in Geneva. LGT also takes private-banking deposits in Liechtenstein, Austria, Hong Kong and Singapore.

LGT plans to boost client assets advised by the Dubai business from SFr4 billion ($4.13 billion) to SFr6 billion within three to eight years.

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