The former Coutts International man, who founded Arbuthnot’s Dubai office five years ago, plans to grow adviser head count to 25 from 18 individuals and roll out a new service to work hand in glove with the bank’s London HQ.
“For us, the big moment was the expansion of the office (in the DIFC) which signals we are looking to expand,” Millar told International Adviser.
“Our results are a testament to the strength of the economy in Dubai and looking at our figures now it looks like we are on track for another stellar year.”
The strategic vision includes working more closely with the UK-based bank’s Middle East desk to provide a “homecoming service”, which will offer advice built around the expat working cycle in the UAE.
“There is a tendency amongst our competitors for a Dubai office to be isolated,” explained Millar. “With the homecoming service we make sure clients get the right advice coming out here and when they return to the UK.
“It is working well and clients like it.”
On adviser recruitment, Millar says he has the backing of board to find “quality people”, who he can add in tandem with fund growth.
He revealed the office’s focus was not just on European expats but also Arab, non-resident Pakistani (NRP) and non-resident Indian (NRI) clients – the latter being the fastest growing wealth segment in the UAE.
“We are looking to support that service,” said Millar adding that an NRI/NRP specialist is being recruited, while the bank develops “client solutions” with an emphasis on service levels.
The Dubai office offers private banking, investment management and wealth planning, as well as booking in London, Geneva, Singapore and Hong Kong.