Deutsche Bank Wealth Management has appointed Mubashar Ayoob as Head of its Wealth Management business in the Gulf region, effective immediately.
Ayoob is a seasoned private banker with 23 years of industry experience gained at Merrill Lynch and UBS. He joined Deutsche Bank in Dubai in October 2011 and has since been highly instrumental in driving the growth of Deutsche Bank Wealth Management’s business in the Gulf region. In his new role, Ayoob will manage the team in the region and other locations while continuing to service some of the bank’s largest relationships in the Gulf.
Ayoob is taking over from Fred Hilal, who has left Deutsche Bank. In his role, Ayoob will also join Deutsche Bank‘s Dubai International Financial Centre (DIFC) Executive Committee and its United Arab Emirates (UAE) Executive Committee. Ayoob will report to Loïc Voide, Head of Wealth Management Middle East & Africa (MEA) and member of the Executive Board of Deutsche Bank (Switzerland) Ltd.
Ambitious growth targets
Ayoob’s appointment builds on nearly a decade of investment in human capital and platform in the Gulf and underpins Deutsche Bank Wealth Management’s commitment to the region. Ayoob and his team of relationship managers, located in Dubai, Geneva, Bahrain and Frankfurt, are looking to increase assets under management by 50% over the next three years. To support Ayoob in meeting this ambition, Deutsche Bank Wealth Management will actively seek to enlarge its coverage team this year, within the region and at other major locations.
Proven UHNW solutions and Corporate & Investment Bank capabilities
The Gulf region (excl. Saudi Arabia) is home to around 3,000 Ultra High Net Worth (UHNW) individuals, and estimates suggest a rise of this number by approximately 20% over the next five years. With its state-of-the-art investment platform and offering, Deutsche Bank Wealth Management has the capabilities to service a growing UHNW clientele across the full spectrum of its needs, from cash management and traditional portfolio management to complex structuring and alternative asset classes. Moreover, Deutsche Bank Wealth Management’s lending capabilities cater to complex and differentiated needs, where required benefiting from direct access to Deutsche Bank’s powerful Corporate & Investment bank.
