The firm’s announcement comes at a time when several firms have been setting up shop in Dubai and neighbouring Abu Dhabi.

Rothschild & Co has opened a new wealth management office in Dubai, serving ultra-high net worth families, entrepreneurs, charities and foundations. 

The office, which operates under a DFSA Category 4 licence, is already fully operational in the Dubai International Finance Centre. It is headed by Sascha Benz a senior banker who has relocated from Rothschild & Co in Switzerland, the firm said in a statement yesterday. 

The firm’s announcement comes at a time when several firms have been setting up shop in Dubai and neighbouring Abu Dhabi, exploiting a rising level of demand for wealth management, for instance inter-generational wealth and business transfer advisory work. In May, Zurich-headquartered boutique NPB Neue Privat Bank secured DIFC authorisation to set up its local entity, NPB Middle East Limited.

In another case, Geneva-headquartered Pictet which is building a commitment to Dubai and the surrounding region, is considering setting up a booking centre in Dubai. This news service continues to track the firms setting up in Dubai and other Gulf jurisdictions. See this interview here, for example, with IQ-EQ about its regional strategy, or that of Mauritius Commercial Bank (MCB), here.

The office will be supported by the established Geneva-based Middle East team, Rothschild & Co said. 

“With Sascha’s experience and existing broad network of qualified clients among local investors, business owners and wealthy local and international families, we are confident of growing a strong wealth management client base in the region, working closely with our successful Global Advisory and Five Arrows businesses here,” Laurent Gagnebin, CEO of Rothschild & Co’s Wealth Management business in Switzerland, said.

Rothschild & Co's global advisory business has been providing M&A, debt advisory and restructuring, and equity advisory support to a range of clients for almost two decades.

The Europe-based firm is adding its new office to a presence in a number of countries. For example, it has offices in France (Paris, Marseille, Lyon, Bordeaux, Toulouse, Aix-en- Provence), the UK and Channel Islands (London, Guernsey, Manchester, Birmingham, Leeds), Switzerland (Zurich, Geneva), Germany (Frankfurt, Düsseldorf, Hamburg), Belgium (Brussels), Italy (Milan), Israel (Tel Aviv), Spain (Madrid), Luxembourg and Monaco. Wealth and asset Management assets total some €100 billion ($105.5 billion).

 Dubai’s move over a year ago to create a centre in the DIFC for family offices is another important addition to the wealth toolkit. (See more here.)