People Moves
LGT Makes Senior Hire For Dubai Drive
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.
