If you’re in a position in the Gulf financial sector where you could feasibly leverage your contacts or technical expertise to work in wealth management, the message seems clear – do so immediately. If you’re already working there, just sit back and enjoy the ride.

The relatively voluminous amount of recruitment within both regional private banks and international wealth managers in the Middle East this year looks set to continue into 2012.

The total wealth of high net worth individuals in the Middle East increased by 12.5% to $1.7 trillion this year, according to the latest Merrill Lynch and Capgemini World Wealth Report, and projections from the Boston Consulting Group are expecting this to rise by a further 8% in 2012.

There are a number of pure wealth managers building their regional teams in the Gulf – notably Julius Baer and Coutts, for example. Similarly, regional banks, such as Emirates NBD, the National Bank of Abu Dhabi (which has just appointed Ghadeer Abu Hijleh as head of private banking for Abu Dhabi and Al Ain) and Abu Dhabi Islamic Bank – which recently hired Stuart Crocker from HSBC, and is believed to have taken on Sandy Shipton from the DIFC – are also hiring.

Clearly, opportunities are plentiful for those with a wealth management background. However, a number of international players, such as J.P. Morgan and UBS, are looking to blend their investment banking and wealth management functions in the region. This is starting to affect their recruitment needs.

“Some of our private banking clients are looking to recruit people with a technical understanding of corporate finance and investment banking,” says Magdy El Zein, regional managing director at Boyden Middle East. “There’s an increasing convergence between private banking and investment banking in the region and firms want people who can recognise and exploit these synergies.”

Different approaches to recruitment

For many wealthy individuals in the Middle East, the status symbol of a Swiss private banker remains alluring; hence the large number of banks increasing their offshore business for Middle Eastern clients in recent years.

We’re told that certain international banks – notably UBS and Credit Suisse – have also been looking to recruit Swiss nationals in Dubai in order to drum up interest in their offshore offerings among potential Middle East clients.

Other local firms, such as Emirates NBD, have been switching people working in retail banking positions across to their private bank, rather than recruiting externally.

Finally, we’re led to believe that some international private banks are trying to recruit local candidates into relatively senior positions in order to leverage their little black books.

“The key point to emphasise is that wealth management and private banking is still offering opportunities, companies are still struggling to find enough talent and there’s no sign of this abating going into 2012,” says Peter Greaves, executive vice president at headhunters DHR International.