Saturday, 7th November 2009

 

25 February 2008 - David Bain

Goldman Sachs promotes heavyweight to beef up Middle East wealth business

Goldman wants to accelerate its efforts to gather the assets of the Middle East's seriously wealthy with a new appointment.

Goldman Sachs has appointed Fadi Abuali as co-head of its Middle East private client business, where he will work with Farid Pasha, the current head.

Abuali was the former head of institutional wealth management for Goldman's in London and dealt with some of the bank's wealthiest clients.

He is expected to be based in Dubai, whereas Pasha will remain in Monaco.

Pasha joined Goldman Sachs from UBS in 2005. At the time sources close to him said that he received a $5m joining fee to move to Goldman.

Abuali's new position would appear to correspond with Goldman's efforts to concentrate on developing a bigger wealth business in fast growing emerging market regions like the Middle East.

Goldman Sachs chief executive Lloyd Blankfein said at a conference in New York last November that he was keen to pursue fortunes in emerging markets.

"In the Arabian Gulf countries alone, there are over 200 billionaires,'' he said.

 

Most Read

  1. Barclays Wealth team leaves for Standard Chartered
  2. Lloyds wealth team quits after bonus worries
  3. UBS wealth unit takes £33m hit on rogue trades
  4. Citigroup plans 75 layoffs at wealth management division
  5. Morgan Stanley poaches six-member private wealth team from UBS

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

More from Home

  1. Sotheby's 3Q loss widens
  2. Going local --- In a shaky art market, collectors stick close to home
  3. In Tax Case, 4 Days Save Robertson $27 Million
  4. Barclays Wealth team leaves for Standard Chartered
  5. Lloyds wealth team quits after bonus worries

Related Content

  1. Wealth adviser quits Goldman Sachs

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347