Merrill shifts top banker to Dubai

HEADING EAST: Merrill Lynch as appointed 15-year veteran Amir Sadr as managing director of its regional wealth management division. (Getty Images)

Merrill Lynch is to move one of its London bankers out to Dubai to head up its regional wealth management division.

The US-based investment bank has appointed 15-year banking veteran Amir Sadr as managing director of the division, with the 36-year-old expected to relocate to the region's financial hub next month.

Sadr told reporters on Tueday he had worked in Merrill's wealth management from London since 2004, during which time he had taken on a number of responsibilities relating to the Middle Eastern market.

Before 2004 Sadr said he had focused on investment banking and institutional sales.

"The Middle East has shown tremendous growth over the past year and I’ve been spending a lot of time in the region over the past four years as I took on additional responsibilities here,” Sadr said.

Merrill is one of many major Western financial institutions shifting staff to Dubai as the Gulf continues to grow in importance on the world financial stage.

UBS AG said on Tuesday is was moving six people from London to Dubai to grow its capabilities in the Middle East.

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