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May 22, 2026 - 07:31
2 minutes
(Bloomberg) — UBS Group AG is moving the head of its Europe, Middle East and Africa wealth business to the Gulf as the bank tries to bolster its regional operations following a string of recent departures.Christl Novakovic will move to the Middle East later this summer, the bank’s global co-head of wealth management, Iqbal Khan, and the region’s president, Beatriz Martin Jimenez, said in an internal memo seen by Bloomberg News. As part of the changes, the firm’s regional head of wealth management, Niels Zilkens, will relocate to Doha.“The Middle East is central to our growth ambitions, offering significant long-term opportunities for both our business and our clients,” Khan and Jimenez said in the memo. A spokesperson for UBS declined to comment.The moves come after UBS lost several senior Gulf wealth management bankers in recent months, including some who were hired less than two years ago. The Swiss bank’s decision also shows global firms continue to look to the Middle East as a key source of growth despite the conflict.In the years before the Iran war began, the Middle East had become a hub for the global rich. The UAE, in particular, lured the world’s ultra-wealthy thanks to a favorable tax regime, low crime rates and a convenient location at the juncture of multiple continents and time zones.UBS hired Borja Martinez-Laredo in December to head its Abu Dhabi outpost, shortly after it announced the opening of a new office in the emirate. The Swiss bank also operates offices elsewhere in the Gulf, including in Dubai, Riyadh, Qatar, and Bahrain.In a separate memo, Novakovic, who has been with UBS for more than 15 years, said the bank’s wealth management business in EMEA would comprise of five coverage sectors as of June 1. This will allow her to focus on supporting the Middle East team in the growth efforts, she said.(Updates with details throughout)©2026 Bloomberg L.P.
