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Mirabaud expands into the Middle East with a new office in Dubai
Geneva/Dubai (ots) - Mirabaud has been granted approval by the authorities of the Dubai International Financial Centre (DIFC) on 30 May 2007 to establish a company providing wealth and asset management for private clients in Dubai. Mirabaud is the only bank to adopt a business model where an asset management company works in partnership with several custodians. The new company bears the name Mirabaud (Middle East) Limited. "This operation is fully in line with our expansion strategy: recruiting asset managers with client portfolios, who are capable of sharing our values of excellence and independence", said Yves Mirabaud, Managing Partner and member of Mirabaud's Executive Committee.
The structure and operation of the company
Headed by Yves Mirabaud, the multi-custodian management company will work with local banks, as well as banks in Switzerland and Singapore, for client account deposits. This model gives clients a great deal of flexibility in selecting a custodian bank, and offers them competitive and transparent management costs.
Mirabaud (Middle East) Limited will be managed by Gilles Rollet, who has an MBA from INSEAD and close to 20 years' international banking experience. Mr Rollet began his career in investment banking with Goldman Sachs in New York. He then joined ABN AMRO, where he held a number of positions as head of market or operations in various countries (the US, Hong Kong, South Africa, Central Asia, the Middle East and Switzerland). Before joining Mirabaud, Mr Rollet was head of ABN AMRO's Dubai-based private bank, serving the Middle East and the Indian sub-continent.
"Owing to the international nature of our activities, there is a demand for our presence in the region's most dynamic financial market, as a guarantee of high value added for our clients", commented Yves Mirabaud. "We are looking to become a prominent player in the Middle East, notably by promoting a global financial service and an open architecture", he continued.
Mirabaud (Middle East) Limited will emphasise the quality of its financial advisory services and the excellence of the overall service it provides to clients. The company will offer its clients performance-based discretionary management and advisory services across the whole range of financial products.
With the benefit of his in-depth knowledge of the region, Mr Rollet explains: "Clients in the Middle East will, for the first time, have access to a level of transparency, flexibility and performance that was previously confined to investors linked to a family office or an independent asset manager operating in Switzerland. Mirabaud is now making this expertise available in Dubai itself".
Lastly, Mirabaud (Middle East) Limited will, in product terms, provide a window on the Middle East and India for European investors keen to benefit from the strong growth of these markets. Thanks to the open architecture principle that will be applied, the asset managers who will join Mirabaud will bring to our establishment their expertise in selecting financial products from the Middle-East region and Indian sub-continent that will benefit the whole Mirabaud group.
According to the business development plan, breakeven will be achieved in 2009, with a team of six asset managers, five management assistants and three product specialists.
Dubai's financial centre
The economic vitality of the United Arab Emirates is clear. A few years ago, Dubai launched a drive to diversify its economy towards new technologies, commerce and luxury tourism, making a special effort to develop its financial sector. Through its dynamism and attractive business environment, Dubai city has become the leading financial market in the Middle East. In addition, Dubai is aiming to be the world's top luxury tourism location and a leading tourist destination within the space of a few years. Oil exports now account for only 6% of Dubai's GDP.
Opening and press information
Mirabaud (Middle East) Limited will operate temporarily from the following address:
18th Floor Burjuman Tower Tel.: + 971 (0)4 509 6666 Fax: + 971 (0)4 509 6797
The official opening of Mirabaud (Middle East) Limited will take place on 5 November 2007 and a press briefing will be organised in Dubai.
Mirabaud in brief
Mirabaud & Cie, banquiers privés, was founded in Geneva in 1819. Originally a bank operating solely in Switzerland, Mirabaud has since developed its brand on three continents. As a wealth and asset manager for international clients, Mirabaud offers tailor-made services in private banking, institutional asset management and fund management, and has more than 30 years' experience in alternative investment management, brokerage and custody.
Assets under management: CHF 22 billion
Staff members: 415 (257 in Switzerland)
Offices: 10 (Geneva, Zurich, Basel, Paris, Monaco,
London, Montreal, Nassau, Hong Kong,
For more information, go to: www.mirabaud.com
ots Originaltext: Mirabaud & Cie
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