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HomeBusinessGoldman Hires Ex-UBS Banker to Double Wealth Business in Mideast

Goldman Hires Ex-UBS Banker to Double Wealth Business in Mideast

Gabriel Aractingi.

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Goldman Sachs Group Inc. hired a UBS Group AG banker to run its private wealth management unit for the Middle East and North Africa, as part of a strategy to expand its business catering to rich clients.

Gabriel Aractingi joined the U.S. bank earlier this month as head of private wealth management for the region and will be based in Geneva. He was previously UBS’s head of global family office for MENA since 2018.

“We’re aiming to double the size of the wealth management business in the Middle East, and that’s across headcount and client money we manage,” Stefan Bollinger, co-head of private wealth management for Europe, the Middle East and Africa, said in an interview.

“We’re committed to an aggressive growth plan internationally and a big part of that will be in the EMEA region,” Bollinger said.

Goldman is looking to grow its wealth management and consumer banking business as part of a strategy outlined by Chief Executive Officer David Solomon to make the firm less reliant on trading revenue.

As part of that strategy it’s planning to boost its private wealth arm, echoing a similar approach Credit Suisse Group AG and UBS have employed in bringing investment banking advice into how it serves wealthy clients. Rich families in the Middle East, which often also control large conglomerates, are an attractive opportunity.

Mideast Focus

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