Arbuthnot Latham Dubai, which targets clients in the £500,000 ($707,600, €570,850) to £5m segment, has also reported an increase of 22% to £95m in assets under management during 2017.
In line with this expansion strategy, Arbuthnot Latham Dubai has appointed David Smylie and Christopher Wright as associate directors.
To accommodate further expansion, Arbuthnot’s Dubai office has doubled its footprint.
The newly expanded office will look to hire further experienced bankers during the course of 2018 in support of its growth plans.
Paul Millar, Arbuthnot Latham’s managing director, International Private Banking, based in Dubai, told International Adviser: “Since opening for business in June 2013, our vision was to create a truly client-led proposition that offered high touch exceptional private banking and wealth management services to our clients in the region.
“The decision to expand the size of our business was a natural evolution of our strategy as we have witnessed double‐digit growth year‐on‐year since opening. With Expo 2020 on the horizon, Dubai is also supported by a well-diversified economy and the landscape is conducive for us to build and develop our proposition in the UAE and the wider region”
Ian Henderson, Arbuthnot Latham’s chief executive, added: “Since its inception five years ago, our Dubai team has gone from strength to strength, carving out a seamless offering in the region.
“This growth is testament to a dedicated team that understands and anticipates the needs of our clients, and reflects our overarching growth strategy.
“We continue to see growth and opportunities develop as we enter into the second phase of our expansion plan. The growth in Dubai is a core part of the success we are seeing across our overall business at Arbuthnot Latham.”
Arbuthnot Latham’s UK Private Bank “continued to see a good flow of new client introductions” and increased customer deposit balances by 14% to £1,082m (2016: £946m), according to the firm’s financial results released on Wednesday.
The investment management team saw assets under management increase by a net 13% reaching £1,044m (2016: £920m).
Gross client inflow was £166m, which offset “natural” withdrawals of £135m.
Arbuthnot Latham & Co is the private and commercial banking and wealth management arm of the Arbuthnot Banking Group.