People Moves

Executive Moves October 2007

Stephen Harris 5 November 2007

Executive Moves October 2007

UK
HSBC has appointed Nick May as managing director and chief operating officer of HSBC Private Bank in the UK. Mr May joined HSBC Private Bank from Barclays three years ago, holding a variety of roles across the group before joining HSBC Private Bank UK as director of investment business and then deputy head of the wealth and investment advisory group.

Nigel Webber has been appointed chief executive of HSBC Alternative Investments, the investment bank’s hedge fund-of-funds division, which has about $5.9 billion in assets under management. He replaces Barbara Rupf Bee, who has been named global head of institutional sales at HSBC Investments. Mr Webber will also retain his current role as chief investment officer of HSBC Private Bank..

HSBC Private Bank has appointed Patrick Tuohy as global head of sales and marketing of its alternative investment group. He will have responsibility for the sales efforts of both the HSBC Alternative Investments Limited funds of hedge funds business and the Private Bank’s hedge fund advisory business. Mr Tuohy joined HSBC in 2004 as the head of the HSBC Private Bank’s alternative funds group, based in Hong Kong, where he had overall responsibility for the hedge fund investment platform in Asia.

Barclays Wealth, has appointed Olav Noack as managing director, head of Investment Structuring. Mr Noack joins from UBS Global Wealth Management where he headed up its Wealthplanning Life Insurance operation for businesses and companies across Switzerland, EU, USA, Latin America and Asia.

Barclays Wealth has hired Dag Kiehle as an international relationship manager. Mr Kiehle is a UK-based Norwegian national, and will report to Gerard Aqualina. He will join at the end of October as an executive director. Mr Kiehle was previously a senior fixed income manager at Morgan Stanley and was most recently chief executive officer at Alpha Nordic Securities.

Matthew Gambles has been appointed by Royal Bank of Canada as a senior member of its global wealth management team in the British Isles. He is a former director at Ermitage Wealth Management in Jersey and joined RBC on 1 October.

UBS has boosted its non-resident Indian unit in London with the hiring of two private bankers from Dutch Bank ABN Amro. Senior relationship manager Bhupinder Bamrah and account manager Michelle Bromham have joined the Swiss bank.

Investec Asset Management has restructured the management of its UK business as David Aird, managing director for the retail business, takes a wider remit.

Kleinwort Benson has hired former HSBC commercial insurance and investment chief Mark Hussein as head of private wealth management.

Aegon Asset Management has hired fund manager Stuart Fraser from Standard Life Investments, where he was investment director for European equities.

Former Williams de Broë head of research Dan Kemp is to join London-based family office boutique Saltus Partners to head a new fixed income fund of hedge funds.

Rensburg Sheppards has appointed Chris Sandford as business development manager.

Mr Sandford, who joins from Close Wealth Management, will be responsible for growing and developing Rensburg Sheppards' services to professional firms in London and the South.

Artemis Investment Managers has appointed Mark Niznik as co-manager of the £663.1 million ($1.3 billion) Artemis UK Smaller Companies fund alongside John Dodd.

Northern Trust has named Charlotte Wilson, Sue Guilliard and Rod Keiller as executive directors of its Guernsey trust company Northern Trust Fiduciary Services (Guernsey).

Citi has hired Tracy Browne and Adam Proctor into its UK private banking team, effective January and March 2008 respectively.

Ms Browne and Mr Proctor, who both join as directors, will report to Peter Charrington, managing director for Citi Private Bank in the UK. Ms Browne was a senior private banker at Coutts in London. Mr Proctor joins from Barclays Private Bank, where in May 2005 he was appointed to Barclay’s UK team as a private banker.

Investec Trust has appointed Rosemary Marr, a deputy chairman of the Society of Trust and Estate Practitioners Worldwide as a group consultant. Ms Marr was previously a director of Pentera Trust Company in Jersey and before that she was managing director at Trident Trust Company in Jersey. Prior to that she was a senior trust director at Standard Bank in Jersey.

Santander Asset Management UK has hired Keith Speck as head of multi-manager from AXA-Framlington.

James Calder is to join Baring Asset Management. He was previously Berry Asset Management 's head of fund research.

Northern Trust has named Charlotte Wilson, Sue Guilliard and Rod Keiller as executive directors of its Guernsey trust company Northern Trust Fiduciary Services (Guernsey).

Rensburg Sheppards has promoted David Bulteel and Jonathan Seal to executive directors.

Mr Seal is a divisional investment director of Rensburg Sheppards Investment Management and is based in Liverpool and is responsible for the Liverpool office. Mr Bulteel is a divisional investment director of Rensburg Sheppards Investment Management and is responsible for the day-to-day running of the London office.

Heartwood Wealth Management is bringing Guy Hudson to its board early in 2008. He will initially take responsibility for all intermediary relationships, distribution strategy, marketing and product development. Mr Hudson joins from Bank of New York Mellon Asset Management International where he was responsible for international distribution, also serving as chief distribution officer for its JV WestLB Mellon Asset Management.

UK insurer Standard Life has hired Stephen Ingledew to develop its distribution capacity and capability and, in particular, to focus on the development and delivery of strategic distribution deals. Mr Ingledew joins from Barclays Financial Planning where he was commercial director.

Fund manager Dan Kemp is quitting UK private client stockbroker Williams de Broe after two years running the group’s global fund of funds. He is leaving to join a London-based family office.

UK private bank Brown Shipley has hired John Williams as private client divisional director to spearhead a major expansion plan for 2008; he was previously head of UK private banking at Coutts.

He has already recruited the first additional team for London: Guy Ward, David Greenyer and Simon Whittley have all been appointed private client senior managers.

Butterfield Private Bank has hired Keith Wilkins as client director in the Butterfield Family Office. Mr Wilkins had worked for Coutts for over 20 years, managing client relationships with both onshore and overseas clients.

Gartmore has hired Tony Lanning from private bank Arbuthnot Latham to replace outgoing multi-manager deputy head Marcus Brookes who has joined Cazenove Capital Management. Katie Trowsdale will also join the firm as senior analyst. Ms Trowsdale joins from Kleinwort Benson, where she was fund research analyst responsible for selecting and monitoring funds.

Former Walbrook employee David Nolan is leaving Barclays Wealth. Mr Nolan had managed treasury and investment management services in the Channel Islands for the firm which is now managed out of London

Andrew East is leaving Lincoln's Inn-based private client specialist lawyers, Hunters to join UK regional firm Prettys in Chelmsford.

Brewin Dolphin has appointed Nick Hinchliffe as divisional director within its Birmingham team. He will provide investment management for private clients across the Midlands. Before joining Brewin Dolphin, Mr Hinchliffe was sales director at competitor BRI Asset Management, where he was responsible for investment management, advising clients, sales and marketing

EFG Private Bank has appointed Lord Evans as advisor to chief executive John Williamson in the areas of business development, increasing the bank’s UK profile and managing the current pace of business expansion.

UK regional law firm Blake Lapthorn Tarlo Lyons has promoted partner Rachel Brooks to head of Private Client department. She will be responsible for developing the 70-strong Private Client team to meet the needs of its expanding client base in London, Winchester, Oxford and across the South East of England.

Legal & General Wealth Management has appointed Mark Green as head of tax and estate planning. He joined on 1 October from Punter Southall where he worked in both a client advisory and technical capacity. Richard Warner has been appointed as tax and estate planning manager. Mr Warner worked previously for Integrated Financial Arrangements as a trust and tax specialist. Stacey Love joins as tax and trust technical consultant from the Fry Group where she advised clients on both onshore and offshore tax and trust matters.

Law firm Thomas Eggar has hired a quartet of senior lawyers for its private client department. Anthony Nixon joins the firm as a partner from regional rival Lester Aldridge, bringing with him associate Sue Adams. Tax specialist Philipp Mitterbauer joins Thomas Eggar ’s Gatwick branch as a German attorney after a spell with London practice Dawsons. The firm has also hired former Ernst & Young tax specialist Ana Wisdell as a consultant in its Gatwick office.

Marino Valensise has been promoted to the new chief investment officer for Baring Asset Management. He replaces Michael Hughes who will stay on in a consultancy capacity until his retirement at the end of the year.

London-based Citisoft, an investment management technology consulting firm and subsidiary of India-headquartered Satyam Computer Services, has appointed Jonathan Clark as its global chief executive officer. Mr Clark has been instrumental in Citisoft's growth since its inception in 1986.

Morse, the international IT consulting firm, has boosted its private client and wealth management team with two new senior appointments in London.

David Couch will head the firm’s wealth management practice and Chris Deacon joins as principal consultant. Both come from D&C Financial Consultants, of which they were directors and in 2006 co-founders.

Morse has also made two senior hires to its financial services consulting team with the appointments of Grant Cooper and Neil Fraser as consultants. Mr Fraser joins from Charles River Development and Mr Cooper joins from Citigroup’s corporate and investment banking group where he specialised in OTC derivatives services.

Switzerland
F. Bernard Stalder, chief executive of Clariden Leu, is retiring for personal reasons and handing over to his deputy Hans Nützi with effect from 15 November 2007.

Mr Nützi is currently head of Investment Products and Wealth Management Services at the Zurich-based Swiss private bank.

Stefan Kräuchi, who was recently appointed head of Investment Funds and Alternative Investment Products at Clariden Leu, has been appointed interim successor to Mr Nützi.

Mr Kräuchi was previously chief executive officer of AIG Fund Management (Switzerland) and as member of the executive board of AIG Private Bank.

Zurich-based Bellerive Private Bank has promoted Willi Etter as its new chief executive in place of Roberto Bianchi who has stepped down. Mr Etter joined Bellerive as deputy chief executive in 2005 from Basler KantonalBank, where he was on the management committee. Henrik Hedman, who also joined in 2005 as senior private banker and client relationship manager, has been elected as a member of the executive committee of the board of directors. He previously worked for Svenska Bank in Zurich.

Bahrain-based Ithmaar Bank has appointed Shaikh Salman bin Ahmad Al Khalifa as managing director, group business development. As part of his new role Shaikh Salman will seek new business opportunities for Swiss-based Faisal Private Bank which was last year launched as the first exclusively Islamic bank in Switzerland.

Basler Kantonalbank has hired Matthias Wirz from Sarasin to fill the new position of chief investment officer. The Basel-based bank said the new hire anticipates the reorganisation of the bank's private banking business which will come into affect in 2008.

Peter Senn, head of UBS Wealth Management for Northern Switzerland, has resigned. Based in Basel, Mr Senn has been in the post for five years. Roman Jermann, his deputy, has taken over on a provisional basis.

Crédit Agricole has promoted Christophe Gancel as chief executive of Crédit Agricole (Suisse), the group’s main private banking unit and one of its leading international operations.

Olivier Aubenas is joining SG Private Banking (Suisse) as chief investment officer, reporting to president and chief executive Bernard Sonntag and succeeding Lionel Dornier, who is retiring. In 2004, he was appointed deputy managing director of Louvre Gestion, HSBC Private Bank France’s asset management arm, where he was in charge of equity management.

Europe
BNP Paribas Private Bank appointed Laurent Monet as head of its Products and Markets department. He will be responsible for directing the teams providing both investment advice and developing products and services to meet the needs of clients. Mr Monet was formerly director for Products and Markets at BNP Paribas Assurance.

Gurval Poirier, Régis Brochot, Isabelle Damé-Labat, and Andréa Rosselli Del Turco have been appointed private bankers at HSBC Private Bank in France to beef up its service to high net worth clients. Mr Poirier previously held a variety of positions within Paribas, before joining Societe Generale as associate director in the private bank. He then joined Ixis Private Capital Management where he was appointed co-chair of the sales team. Thereafter he joined Compagnie 1818. Mr Brochot was director of the private management at Banque Paribas after which he joined Lazard in Lyon. He was then a director at Ixis Private Capital Management and then at Compagnie 1818. Ms Damé-Labat, too, was previously at Ixis Asset Management and Private Capital Management Ixis before joining Compagnie 1818. Mr Del Turco has been with the HSBC Group for 16 years and helped to create the private bank in Italy.

New Star International has appointed Arcangelo Barletta country manager for Italy. Mr Barletta’s previous positions include head of wholesale business at Morley Fund Management in Milan. Most recently he was country manager at Nordea Investment Funds in Milan.

Russia's Renaissance Capital has promoted its fund supremo Andrei Movchan to take charge of its consumer bank following the surprise departure of founder Michael Madden.

ING Real Estate has hired Dawn Prideaux de Lacy for the new position of chief operations officer for ING Real Estate Investment Management. Based in The Hague, Ms de Lacy will be responsible for overseeing all operational and administrative aspects of the global business across 21 countries in all major real estate markets. She joins from Morgan Stanley, where she most recently held the position of chief administrative officer for Morgan Stanley Investment Management Europe in London.

ING Real Estate has also appointed Maria de Rivera as country manager, investment management Italy. Ms de Rivera joins from UBS Real Estate where she is currently leading their Italian operations, which she launched in 2004 as director and head of acquisitions, Italy.

Barclays has promoted Guillaume Touze to the new role of director of private clients and development of Barclays Bank France. He was previously president and chief executive of Barclays Asset Managers.

Pictet & Cie has hired two senior private bankers from HSBC Private Bank to strengthen its French team. Françoise Neige joins Pictet’s Paris-based marketing department as a managing director.

SG Private Banking has appointed Francois Farjallah as general manager of SG Private Banking Greece. Mr Farjallah joined SG Private Banking from Credit Suisse, where his roles included senior private banker in Switzerland covering the Greek and Cypriot markets, and then chief representative in the Levant, managing the Credit Suisse subsidiary in Lebanon.

Merrill Lynch’s Global Wealth Management group has appointed a trio for its French wealth structuring team. Sandra Ortmans, Cyril Duquenne and Cyril Lejeune will be based in Paris and will report to Gilles Dard, market leader for Northern Europe, Global Wealth Management EMEA.

Sandra Ortmans joins from BNP Paribas where she was both a wealth structurer for ultra and high net worth individuals and in charge of the regional tax advisors team in the wealth structuring division. Cyril Duquenne and Cyril Lejeune join the advisory team in Paris. Mr Duquenne joins from Lazard Frères Gestion, part of the Lazard Group, where he was a member of the private banking team advising French high net worth individuals. Mr Lejeune joins Merrill Lynch following two years with Morgan Stanley Private Wealth Management.

Liechtenstein-based private bank Neue Bank has appointed Pietro Leone as chief investment officer and a member of the board. Mr Leone, who joined on 1 October, was previously head of wealth management for UBS in the Swiss municipality of Buchs.

Natixis Global Associates, part of recently-formed French asset manager and financial services major Natixis, has promoted Hervé Guinamant to be president and chief executive officer of its international investment distribution organisation.

Athens-based EFG Eurobank Ergasias has appointed Michael Colakides as deputy chief executive officer and board member as from 1 November 2007. He replaces Harry Kyrkos who has resigned. Mr Colakides joins from the Bank of Piraeus Group, where he was vice chairman and managing director of the parent bank.

US
Merrill Lynch ousted Stan O'Neal as chairman and chief executive officer and said it will begin a search for his successor.

In the interim, co-presidents Gregory Fleming and Ahmass Fakahany will run the New York-based bank, reporting to board member Alberto Cribiore, who will be a non-executive chairman until a successor for Mr O'Neal is found.

Merrill has promoted Eric Schimpf to be regional director of the southeast region of its private banking and investment group, based in Atlanta. Mr Schimpf moves to Atlanta after a spell as director of Merrill Lynch's Tennessee Valley complex in Chattanooga.

Merrill Lynch has also appointed Cory Little, the current head of institutional sales for fixed income and equities, to the position of head of the private banking and investment group based in Boston.

Merrill Lynch-owned First Republic Bank has appointed Karen Bratt as a managing director. Ms Bratt was formerly a senior member of US Trust's office in Boston.

Bank of America has named Keith Banks as president of Global Wealth and Investment Management in place of Brian Moynihan who becomes president of Global Corporate and Investment Banking.

Mr Banks was previously president of Columbia Management, Bank of America's asset management unit. He will be headquartered in Boston and becomes one of the executive officers of Bank of America Corporation.

Bank of America’s Private Bank/US Trust has poached former Bank of New York Mellon MD Patricia McDermott as city executive and private client advisor in Westport, Connecticut.

Robert Haskins, former vice president of sales for manufacturing company, Mueller Industries, is to be a private client advisor in Greenwich.

In South Carolina the firm looked within its own Premier Banking & Investments business to hire Paul Kitchin private client consultant and Cynthia Legette, relationship manager, both in Charleston.

Also in South Carolina Peggy Richardson, former SunTrust Mortgage loan officer, was appointed private client consultant servicing the Kiawah/Seabrook and Johns Island markets.

Bank of America has hired Stephen Grimm from Bank of New York Mellon to serve as portfolio manager. Daniel McCutcheon, previously regional sales manager for Citigroup global wealth management group, joins as regional mortgage specialist.

The bank also tapped City National Bank to hire investment and trust consultant Paul Hoskin as private client manager in Costa Mesa, California. Roy Weydig, previously vice president responsible for the fiduciary real estate at Bank of New York Mellon, joins as a specialty asset regional manager in New York. Stacy Linn, former Citigroup Private Bank vice president and senior mortgage specialist, joins as regional mortgage specialist. Jory Bard Zimmerman, formerly vice president responsible for fiduciary and tax services for high-net-worth family relationships at Bank of New York Mellon, joins as a trust officer. Heather Clark joins as a private client manager in Sarasota, Florida. She previously worked at SunTrust Bank.

US Trust, the private wealth management arm of Bank of America, has announced four new appointments in its San Diego office, three hires and a promotion.

Kathleen Gamez and Bill Majewski become private client advisers; Lisa Behun and Khanh Ngo become relationship managers. All four will report to David Ohanian, US Trust market executive for San Diego. Ms Gamez joins from Citigroup Smith Barney where she was a vice president and investments financial advisor.

Bank of America Market President for New Hampshire, Michael Whitney, is to retire after 30 years at the bank. Mr Whitney will be succeeded by John Weeks who will retain his current role as market executive for US Trust, Bank of America Private Wealth Management in New Hampshire and Maine.

Citigroup has named Jeffrey Applegate as chief investment officer of its Citi Global Wealth Management unit.

Mr Applegate will oversee investment strategy for the unit, which comprises the Citi Smith Barney brokerage, Citi Private Bank and Citi Investment Research. He will report to Sallie Krawcheck, chief executive of wealth management. Mr Applegate joins from Franklin Templeton, where he was chief investment officer for global equity, fixed income, real estate and alternative investments.

Jeffrey Gould has been named managing director and global head of distribution for Citi Alternative Investments, responsible for overseeing all of its sales and distribution efforts for institutional and high net worth clients. He will report to chief administrative officer Don Callahan. Mr Gould joins Citi Alternative from hedge fund manager Renaissance Technologies, where he was president of Renaissance Institutional Management.

Washington-based Columbia Bank, has poached two former senior client advisors from its rival Cascade Bank to join its private banking team in Seattle, Washington.

Columbia announced Jerri Pavitt, former vice president in Business Banking with Cascade Bank, joined the Columbia Private Banking Team as a senior vice president and private banking officer. The bank also announced it had appointed Barbara Cooch, also senior vice president in Business Banking at Cascade, to senior vice president and Private Banking Manager focused on clients in the medical and dental profession.

Morgan Stanley has recruited Gary Yoder and Jebber Cozzi from Citigroup Smith Barney to work in Fresno, California.

Morgan has also hired Ralfael Alvarez from Merrill Lynch to work in the Miami.

Morgan Stanley has also recruited Jim Bowers and Don Cohen from Wachovia Securities to work in its Arlington office in Texas.

Morgan Stanley's global wealth management business has made seven new hires. They include Kevin Whalen, formerly at Citigroup subsidiary Smith Barney, who moved to Morgan Stanley in Boston.

Frank Fava and Christopher Amato have also left Smith Barney for Morgan Stanley to ply their trade in Paramus, New Jersey, reporting to manager Robert Lopinto.

On the west coast, Morgan Stanley has brought William Chaffin and Kent Engdahl into its Rancho Bernardo office, working to branch manager Russ Smith. The firm has also taken on Charles Crilly and Quentin Elliot from AG Edwards to be based in the Hartford office, reporting to manager David Mozeleski.

Twelve former LaSalle Bank directors have joined The Private Bank-Chicago, which is a division of PrivateBancorp.

Robert Frentzel and Jeffrey Steele have been named as managing directors and executive vice presidents of commercial banking at The Private Bank. They were group senior vice presidents of commercial banking at LaSalle Bank. Brant Ahrens, most recently head of LaSalle Bank's Financial Institutions Group, was named managing director and group senior vice president and will head strategy and integration for The Private Bank-Chicago.

In addition, the following LaSalle Bank executives have joined The PrivateBank-Chicago as managing directors and senior vice presidents in commercial banking: Bluma Broner; Peter Kane; Richard Kress; Michael Monticello; David Sauerman; and Steve Trepiccione. Former LaSalle banker Matthew Gibbons was named associate managing director and vice president and John O'Connell was named private banking officer.

Joan Schellhorn, former senior vice president in LaSalle's human resources department has been named chief human resources officer of PrivateBancorp and a managing director and chief human resources officer of The Private Bank-Chicago.

JPMorgan Chase has hired JC Perrin as a vice president and private banker in its private client services business in Boca Raton. Before joining JPMorgan, he had been working with clients in the greater Boca Raton area with 1st United Bank.

Bear Stearns has hired Jordan Mayer, a former managing director in Smith Barney's wealth management division. Mr Mayer left Citigroup's Smith Barney unit on 24 September. Bear Stearns has also promoted Barry Sommers, who has helped run recruiting for the retail brokerage unit, to be co-head of its private client services unit alongside current head, Steve Dantus.

Peter Roth, head of recruitment for private wealth management at Goldman Sachs, ha left the company. Mr Roth was hired from Lehman Brothers, where he led recruiting for the private client business, in September last year. His duties have been absorbed by the human capital management office.

Goldman Sachs has hired Clark Winter as director of portfolio strategy for its private wealth management team. He will work with private wealth advisors to develop and maintain relationships with significant clients, particularly those outside the US.

Mr Winter was previously chief global investment strategist for Citigroup's global wealth management business and a major part of the bank's wealth business.

Northern Trust chairman and chief executive William Osborn will step down on 1 January 2008. Frederick Waddell will take on that role in addition to his current position as president of the Chicago-headquartered firm.

New York Life Investment Management has hired David Bedard as senior managing director and chief financial officer. He will report directly to president and chief executive officer Brian Murdock.

Citizens Republic Bancorp of the US has appointed Peter Ronan president and chief executive officer of Citizens Bank Wealth Management. Mr Ronan retired from his position as senior vice president for personal trust business at Comerica Bank in July.

Cardinal Bank has appointed John Mockoviak as executive vice president and president of Wealth Management Services. He joins from BB&T where he was group director of Wealth Management in Florida, Northern Virginia, Washington, D.C. and Maryland.

Asia Pacific
Citi Private Bank has appointed Norman Villamin as its new head of research and strategy for the Asia-Pacific region. Mr Villamin, who joined in April 2007 from HSBC in Hong Kong, will report to Nigel Sze, head of investments for Citi Global Wealth Management.

Schroders has appointed SV Prasad as managing director of its Indian operation. Mr Prasad is a former chief executive of Birla Sun Life Asset Management and president of the Indian asset management business of Swiss insurer, Zurich.

Barclays Wealth has hired Sandeep Sharma to head up their Indian onshore business in Singapore. Mr Sharma held a similar role at SG Private Bank Asia.

Deutsche Bank has appointed Atul Malik to its Private and Business Clients Executive Committee. He will become head of Private and Business Clients Asia Pacific at the end of the year, taking over from Peter Schedl.

Mr Malik, who joined on 1 October 2007, will be based in Singapore and report to Rainer Neske, head of Private and Business Clients and within the region to Colin Grassie, chief executive officer, Asia Pacific.

Goldman Sachs’ Australian arm, Goldman Sachs JBWere, has suffered the departure of 15 brokers and financial planners from its Adelaide office.

The team has relocated to Macquarie Private Wealth which now has 43 private client brokers in the city.

Macquarie Private Wealth continues to build its presence in New Zealand with the announcement of three new staff to join its retail advisory team in Auckland.

Macquarie veteran and former New Zealand Herald business editor Richard Inder joins the Auckland team after 14 years covering financial markets in NZ and Europe.

South African born and educated Rob Hawkins joins Macquarie as an associate partner, emigrating to NZ from the UK where he was most recently a private client advisor with London broker Killick & Co. Mark Martin, who will work as an advisor to senior advisors. Mr Martin has returned to NZ after six years in London where he worked for a range of major international banks, including UBS, HSBC and Deutsche Bank.

Middle East
Usman Ahmed has been promoted chief executive officer of Citi Islamic Investment Bank and global Islamic banking. He was previously deputy chief executive officer for Citi’s global Islamic banking business, having joined Citi in 1996.

Merrill Lynch has moved Sigal Shapira up to be head of global wealth management for Israel. In the newly created post Ms Shapira, who has worked at Merrill since 2000, will expand GWM business in the Israeli market and manage operations and services for Israeli clients worldwide

Citi Private Bank has appointed Mohammed Azab as executive director and chief officer for its UAE offices. His key focus will be to develop, grow and manage Citi Private Bank’s offices in the UAE as well as developing private banking relationships with high net worth individuals and families in the Middle East region. He rejoined Citi Private Bank earlier this year. He worked since 1999 for Arab Bank as UAE country manager based in Dubai. Prior to that, he spent 10 years in various senior positions in Bank of Bahrain & Kuwait – at its head office in Bahrain. In 1996, he established and managed BBK’s representative office in Dubai, a position he held for three years.

Singer & Hamilton, a European executive search firm which specialises in wealth management, has opened at the Dubai International Financial Centre.

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