Standard Chartered is leaning on its Dubai hub to court affluent families. At a recent five-course dinner at the shimmering Museum of the Future, the bank gathered its wealthiest customers from around the world to kick off a two-day confab on wealth management. The UK firm is 18 months into a five-year, $1.5 billion spending plan that will see $750 million poured into recruiting new relationship managers and wealth specialists, Raymond Ang, global head of private bank and affluent clients, said in an interview.
Standard Chartered has earmarked the other $750 million on freshening up offices and developing better technology, according to Ang. One new AI tool will summarize research across the bank’s 54 markets, compare it with individual client portfolios, and make tailored investment recommendations, Ang said, noting that clients are fine with using AI for investment decisions as long as a human is in the loop.
Though legacy hubs Hong Kong and Singapore still dominate Standard Chartered’s business, the UAE is seen as crucial to the bank’s growth: It is largely catering to Asian and Indian families in Abu Dhabi and Dubai who have business in both the Gulf and Asia, according to Ang.